Housing Starts Fall to Lowest Level in 14 Years

Housing starts in September fell to the lowest level since 1993, the Commerce Department said Wednesday.

New starts dove 10.2% to a 1.191 million unit annual rate, from August’s 1.327 million, Commerce reported.

The September level was below economists’ forecasts of a decline to 1.28 million units, Bloomberg reported.

Building permits, an indicator of future construction, fell 7.3% to a 1.226 million pace, also below forecasts, Bloomberg said.