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U.S. Housing Starts Lower in October

Financial News Network
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November 18, 2011 AT 7:37 PM
The Commerce Department reported today U.S. builders started slightly fewer homes in October with rising construction of apartments. The seasonally adjusted annual rate for housing starts dipped a slight 0.3% to 628,000 last month, roughly half of the 1.2 million economists say indicates a healthy housing market.But building permits rose by 11% due to a 30% increase in apartment permits, its highest level in three years. This is due to laid-off Americans who are opting to rent rather than buy.After previous recessions, housing accounted for at least 15% of economic growth in the United States. Since the recession officially ended in June 2009, it has contributed just 4%.