After “Huge” September, Apartment Construction Dropped 15.4% in October

From an AP report on new home construction statistics for October, 2014:

Builders started construction at a seasonally adjusted annual rate of 1.009 million last month, the Commerce Department reported Wednesday. That was a drop of 2.8 percent from September when construction had jumped 7.8 percent to 1.038 million.

The weakness stemmed from a 15.4 percent plunge in apartment construction, a category that tends to have big swings from month to month. Construction of single-family homes was up 4.2 percent, the third gain in the past four months…

While overall construction was down in October, analysts said the weakness was confined to apartment building, which had seen a huge increase in September.