The latest report from the Commerce Department, released Tuesday, indicates a sharper-than-anticipated decline in new residential construction in the United States for October. Housing starts plummeted by 3.1% to an annualized rate of 1.311 million, following a 1.9% decrease to a revised 1.353 million in September. This decline surpasses economists' forecasts, who had predicted a 1.8% decrease to 1.330 million from the initially reported 1.354 million for September.
Additionally, the report reveals building permits decreased by 0.6% to an annual rate of 1.416 million in October, following a significant 3.1% drop to a revised 1.425 million in September. Contrary to predictions of a 0.1% increase to a rate of 1.430 million from the original figure of 1.428 million reported for the previous month, building permits—a key indicator of future housing demand—fell instead.
