U.S. housing starts flat in September

Construction on new housing was statistically flat in September, rising just 3,000 to a 590,000 annual rate, the U.S. Commerce Department announced Tuesday, as a large decline in multi-family units offset an increase in single-family home construction.

Economists surveyed by Bloomberg News had expected housing starts to total a 615,000 annualized rate in September. Housing starts totaled a revised 587,000 annual pace in August and a 581,000 annual pace in July.