Widget Image
Follow PPD Social Media
Follow Us:
People's Pundit Locals Community
Tuesday, October 26, 2021
HomeNewsEconomyNew Home Construction Drops Precipitously in October to 7-Month Low

New Home Construction Drops Precipitously in October to 7-Month Low

housing-starts-new-home-construction
housing-starts-new-home-construction

New home construction workers. (Photo: Reuters)

The Commerce Department reports starts of new home construction dropped 11% to an annualized rate of 1.06 million units, well below expectations for a 6.5% gain to an annualized rate of 1.16 million units. Permits to build new homes, meanwhile, rose 4.1% to an annualized rate of 1.15 million units, matching expectations.

September’s starts were revised down to a 1.19 million-unit pace from 1.21 million units, and October marked the seventh straight month that starts remained above 1 million units. Building permits increased 4.1% to a 1.15 million-unit rate last month, while single-family building permits rose 2.4% last month to the highest level since December 2007.

Single-family permits in the South, where most new home construction takes place, also hit their highest level since December 2007.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial