BCREA ECONOMICS NOW: US Housing Starts - May 16, 2013
BCREA ECONOMICS NOW
US Housing Starts - May 16, 2013
US housing starts fell to a five-month low in April, slumping nearly 17 per cent to 853,000 at a seasonally adjusted annual rate (SAAR). Housing starts had reached a 1.02 million (SAAR) pace in March. Slower construction activity in April likely reflects a temporary pause in the housing recovery underway down South. Building permits, a key proxy for future activity, increased 14.3 per cent.
The strong recovery in US home construction continues to boost BC wood product exports and manufacturing output. Sales of BC manufactured wood products rose 40 per cent year-over-year in March and are up 34 per cent through the first quarter.
For more information, please contact:
Cameron Muir Brendon Ogmundson
Chief Economist Economist
Direct: 604.742.2780 Direct: 604.742.2796
Mobile: 778.229.1884 Mobile: 604.505.6793
Email: cmuir@bcrea.bc.ca Email: bogmundson@bcrea.bc.ca
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