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.
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