October home starts fall more than forecast

Washington

NEW-HOME building declined more than projected in October, led by a slump in apartment construction and showing fitful progress in residential real estate.

Residential starts dropped 11 per cent to a 1.06 million annualised rate, the slowest since March, from a revised 1.19 million pace the prior month, a Commerce Department report showed on Wednesday. The median forecast in a Bloomberg survey called for 1.16 million. The most construction permits for single-family homes since 2007 indicates that ground-breaking will rebound in coming months.