US housing starts fall more than expected in September
By Alexander Bueso
Date: Wednesday 17 Oct 2018
(Sharecast News) - US housing starts fell by more-than-expected last month, dragged lower by those for homes containing five or more family units.
According to the Department of Commerce, housing starts declined at a 5.3% month-on-month clip in September to reach an annualised rate of 1.201m.
Economists had forecast a reading of 1.218m.
August's print was revised lower as well, from a preliminary reading of 1.282m to 1.268m.
Single-family housing starts declined by 0.9% on the month to 871,000, but multi-family starts were off by 12.9% at 324,000.
Versus a year ago, housing starts were 3.7% higher, Commerce said.
Housing permits, a closely-watched lead indicator of activity in the sector, also fell back, shrinking by 0.6% to 1.241m (consensus: 1.280m), and were left standing 1.0% below their level in September 2017.
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