Housing Starts Rise in October

Housing starts in October rose 3% to 1.229, the Commerce Department said Tuesday.

The gain follows a 10.2% drop in September that brought housing starts to 1.191 million, their lowest level since 1993, Commerce said.

The September level exceeded economists’ forecasts of a decline to 1.17 million units, Bloomberg reported.

Building permits, an indicator of future construction, fell 6.6% to a 1.178 million pace, also below forecasts, Bloomberg said.