New residential construction in the U.S. saw a steep drop in the month of October, according to a report released by the Commerce Department on Friday.
The report said housing starts plunged by 4.6 percent to an annual rate of 1.246 million in October after jumping by 1.2 percent to an annual rate of 1.306 million in September. Economists had expected housing starts to come in at an annual rate of 1.33 million.
The Commerce Department also said building permits dipped by 0.2 percent to an annual rate of 1.412 million in October after surging by 6.4 percent to an annual rate of 1.415 million in September.
Building permits, an indicator of future housing demand, were expected to come in at an annual rate of 1.35 million.
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