Construction of single family homes at a 16 year low

Construction of single-family homes in October dropped to the lowest level in 16 years according to a report by the Commerce Department.

According to the report released on Tuesday, total housing construction rose by 3 percent in October, thanks mostly in part to apartment construction, but construction of single-family residences dropped by 7.3 percent, the lowest since October 1991.  As far as indications go for future construction, applications for building permits fell for the fifth consecutive month.

You can read more about the drop in construction of single family homes at the Sun Sentinel.