Steel Markets
November 18, 2015
Housing Starts Drop 11% in October
Written by Sandy Williams
Housing starts fell to a seven month low in October to a seasonally adjusted annual rate of 1.06 million, 11 percent below September’s revised rate of 1.105 million, said the Commerce Department on Wednesday. Economists at Reuters, Bloomberg and Wall Street Journal all anticipated a rate of 1.16 million for the month.
Multi-family construction, including apartments and condos tumbled 25.1 percent. Single family starts fell 2.4 percent to 722,000 rate from Septembers revised rate with the greatest decrease in the South (-18.6 percent) followed by the West (-16.2 percent). Single family starts had moderate increases in the Northeast (+7.0 percent) and Midwest (+2.7 percent).
