US housing starts drop to the lowest level in a year

Source:
USCensus/Fordaq
Views:
798
  • text size

US housing starts plunged by 4.7 percent to an annual rate of 1.127 million in September from the revised August estimate of 1.183 million, according to data of the US Commerce Department.

The much bigger than expected decrease pulled housing starts down to their lowest level since hitting 1.062 million in September of 2016.

The sharp drop reflected notable decreases in both single-family and multi-family starts, which tumbled by 4.6 percent and 5.1 percent, respectively.

The Commerce Department said housing starts in the South slumped by 9.3 percent, as single-family starts in the region plummeted by 15.3 percent.

Building permits, an indicator of future housing demand, also tumbled by 4.5 percent to an annual rate of 1.215 million in September from a revised 1.272 million in August. Economists had expected building permits to drop by 2.9 percent.

 

Post comment