Housing starts declined 9.4% to a seasonally adjusted annual rate of 1.256 million units last month as construction in the volatile multi-family housing segment dropped, says the US Commerce Department.
U.S. homebuilding tumbled from a more than a 12-year high in September, but single-family home construction rose for a fourth straight month, suggesting the housing market remains supported by lower mortgage rates even as the economy is slowing.
Other data on Thursday showed a deceleration in factory activity in the mid-Atlantic region in October. A 15-month trade war between the United States and China has dented business sentiment, leading to a drop in capital expenditure and a downturn in manufacturing.
Ironically, manufacturing has borne the brunt of the trade tariffs, which the White House says are necessary to protect industries from what it says is unfair foreign competition.
Building permits fell 2.7% to a rate of 1.387 million in September. Permits jumped to a rate of 1.425 million units in August, the highest level since May 2007.
The housing market, the most sensitive sector to interest rates, has perked up in recent months, finally benefiting from the Federal Reserve’s monetary policy easing, which has pushed down mortgage rates from last year’s multi-year highs.
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