October home starts fall more than forecast
11% decline to 1.06 million annualised rate from revised 1.19 million pace the prior month is slowest since March
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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.
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