Groundbreaking for new U.S. home construction was down 10.6% in October to 529,000, while private housing permits fell 4.0% to 552,000, according to Commerce Department data released yesterday.
The 529,000 rate for private housing starts was the lowest since April’s 479,000 figure and followed a revised 592,000 level in September, initially reported as 590,000.
The October rate was much lower than the 600,000 level predicted by a median estimate of economists polled by Thomson Reuters.
Meanwhile, the 552,000 October level of private housing building permits came after a revised 575,000 figure, which was originally reported as 573,000. Economists had estimated 580,000 in building permits.