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Financial News: U.S. Housing Starts Tumble 4.2% In October

U.S. Housing Starts Tumble 4.2% In October

11/17/2022 - 08:40:00 (RTTNews)

(RTTNews) - New residential construction in the U.S. showed a notable decrease in the month of October, the Commerce Department revealed in a report released on Thursday.

The report said housing starts tumbled by 4.2 percent to an annual rate of 1.425 million in October after falling by 1.3 percent to an upwardly revised rate of 1.488 million in September.

Economists had expected housing starts to slump by 2.0 percent to an annual rate of 1.410 million from the 1.439 million originally reported for the previous month.

The Commerce Department said building permits also dove by 2.4 percent to an annual rate of 1.526 million in October after jumping by 1.4 percent to a rate of 1.564 million in September.

Building permits, an indicator of future housing demand, were expected to plunge by 3.3 percent to an annual rate of 1.512 million.

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