Housing starts down last month
U.S. housing starts dropped 11.4% in October, erasing a big gain the month before, the Commerce Department reported Wednesday.
The decline was the biggest monthly drop since January 1994, and the pace was the lowest since April.
Groundbreaking for new homes slid to a seasonally adjusted annual rate of 1.603 million units last month, down from a revised 1.810 million rate in September. But building permits, an indication of builder confidence, rose 1.7% to 1.763 million units, up from 1.733 million units in September.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
