US Housing Starts Dropped by More than 10% in October 2009
US housing starts dropped by more than 10% in October 2009, according to data released by the U.S. Census Bureau and the Department of Housing and Urban Development on November 19.
In particular, according to the data, the seasonally adjusted annual rate of privately-owned housing starts dropped in October to 529,000, representing a 10.6% drop compared to the estimated 592,000 housing units that started in September 2009 and a 30.7% drop compared to October 2008 housing starts.
US housing starts declined in all regions but at considerably different rates. The Northeast experienced by far the largest decline as housing starts in October dropped by 18.8% compared to the number of housing units that started in September 2009.
The distant second largest decline in housing starts was registered in the Midwest, as the estimated number of housing units that started in October was by 10.6% lower than the number of housing units started in September.
The smallest monthly decline in the October 2009 seasonally adjusted annual rate was registered in the West where housing starts declined by 8.5%. Housing starts in the South posted a monthly decline of 9.6% in October 2009.
Monthly declines in the seasonally adjusted single-family housing starts ranged from 4.8% in the Midwest to 9.6% in the Northeast, while at the national level single-family starts dropped by 6.8% in October 2009.
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