US housing starts hit four-month low

The decline brought housing starts to their lowest level in four months, falling short of market expectations for a 1.9% increase. Single-family housing starts dropped 4.6%, while multifamily housing starts declined by approximately 7%.

Elevated mortgage rates, rising construction costs, and weakening demand continue to intensify pressure on the US housing market. Building permits also fell 0.2% in September, while the homebuilder confidence index dropped to 29 points in October, its lowest level in 14 years. Residential investment has made a negative contribution to economic growth in five of the past six quarters, highlighting the impact of the sector's contraction on the broader US economy.