Pursuits
Housing Starts in U.S. Fall on Decline in Apartment Construction
- Multifamily starts post biggest decrease in more than a year
- Drop masks most permits for one-family homebuilding since 2007
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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 percent to a 1.06 million annualized rate, the slowest since March, from a revised 1.19 million pace the prior month, a Commerce Department report showed Wednesday. The median forecast in a Bloomberg survey called for 1.16 million. The most construction permits for single-family homes since 2007 indicates ground-breaking will rebound in coming months.