The Department of Commerce said Wednesday morning construction permits fell to a ten-year low of 1.429 million. The 8.9% drop was the most severe in 17 years, and was well below the seasonally adjusted rate of 1.51 million forecasted by economists. Conversely, housing starts were unexpectedly up 2.5% to a seasonally adjusted annual rate of 1.528 million, ahead the 1.48 million pace forecasted.
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