The latest numbers for U.S. housing starts dipped to 1.311 million on an annual basis. The slide represents a 3.1 percent fall from the October rate, which was a drop from the 1.379 million in September.

The Commerce Department data shows a drop in single-family starts more than offsetting an increase of 9.7% in multi-family units. Building permits also dropped by 0.6% percent.

Housing starts are generally viewed as a leading economic indicator. Most of the recent  U.S. economic recessions have been preceded by a series of drops in housing starts.