Housing starts decline in October

Housing starts in October were at an annualized pace of 267,055 units, down 11 percent from September’s high of 298,811 units. The rate of total urban starts also declined by 11 percent, falling to 245,234 units. Multi-unit urban starts decreased 13 percent to 188,189 units, while single-detached urban starts fell by four percent to 57,045 units. Rural starts were estimated at a seasonally adjusted annual rate of 21,821 units.