U.S. housing starts fell less than expected in October as a drop in groundbreaking for multi-family units narrowly outweighed more new construction of single family homes.
The Commerce Department said on Thursday housing starts edged down 0.3 percent to a seasonally adjusted annual rate of 628,000 units. Analysts had expected the annual rate would fall to 610,000.
Continue Reading Below
Housing starts for buildings with two or more units fell 8.3 percent to a 198,000-unit rate. Single-family home construction -- which accounts for a larger share of the market -- increased 3.9 percent to a 430,000-unit pace.