(RTTNews) - New residential construction in the U.S. tumbled by more than expected in the month of October, according to a report released by the Commerce Department on Tuesday.
The report said housing starts dove by 3.1 percent to an annual rate of 1.311 million in October after slumping by 1.9 percent to a revised rate of 1.353 million in September.
Economists had expected housing starts to decrease by 1.8 percent to an annual rate of 1.330 million from the 1.354 million originally reported for the previous month.
The Commerce Department said building permits also fell by 0.6 percent to an annual rate of 1.416 million in October after plunging by 3.1 percent to a revised rate of 1.425 million in September.
Building permits, an indicator of future housing demand, were expected to inch up by 0.1 percent to a rate of 1.430 million from the 1.428 million originally reported for the previous month.
