US housing starts plummet 4.2% in October

By Ovunc Kutlu

ANKARA (AA) - US housing starts saw a significant decline of 4.2% in October, according to data released Thursday by the Census Bureau and the Department of Housing and Urban Development.

The figure, which measures the change in the number of new residential buildings beginning construction, came in at more than 1.42 million.

It is below the revised September estimate of almost 1.49 million and is an 8.8% decline from the October 2021 rate of 1.63 million.

Building permits, a key indicator of demand in the market, declined 2.4% to just below 1.53 million.

The September figure for building permits was revised to approximately 1.56 million.

Annually, building permits saw a massive 10.1% decline from almost 1.7 million last October.