Housing starts fell in November and building permits, an indicator of future construction, plunged to the lowest level in 14 years, the Commerce Department said Tuesday.
The 3.7% decline left the annual rate at 1.187 million homes, while building permits fell 1.5% to a 1.152 million pace, Commerce said.
Construction of single-family homes fell 5.5% to an annual rate of 829,000 units, the lowest level since April 1991, while multi-family construction was up 4.4% to a rate of 332,000 units, the Associated Press reported.
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