US housing starts at a six year low

The number of new US homes being built dropped to a six-year low last month as housing activity slowed significantly, a Commerce Department report has shown. About 1.48 million houses were started in October, 14 percent down from the previous month and 27.4 percent lower than a year ago.

At the same time, the number of permits awarded for future housing projects fell to its lowest level since 1997.

Where housings starts go, construction jobs follow. Welcome to the construction recession.