October Housing Starts Fall 14.6% to Lowest Level in Six Years

ew housing starts fell to their lowest level in six year, plummeting 14.6% in October, the Commerce Department said Friday.

Starts fell to a 1.486 million unit annual rate, down from a 1.74 million pace in September, the department said.

The drop was greater than economists’ forecast of a decline to a 1.68 million pace, Bloomberg reported.

Building permits, an indicator of future construction, declined for a record ninth straight month, falling to an annual rate of 1.535 million from 1.619 million in September.

Increased construction can mean more business for flatbed trucking companies that haul building materials. In home construction, dry van freight can see demand increases in for delivery of household appliances and furniture.

Regionally, housing starts fell in 26% in the South, 12% in the Midwest and 2.1% in the West. Construction rose 31% in the Northeast.