BCREA ECONOMICS NOW: US Housing Starts - September 18, 2013
BCREA ECONOMICS NOW
US Housing Starts - September 18, 2013
US housing starts rose close to 1 per cent in August to a seasonally adjusted annual rate (SAAR) of 891,000 units. Housing starts had reached a multi-year high of 1.02 million (SAAR) in March but have slowed to a less than 900,000 SAAR pace since then. Slower construction activity is likely a result of rising US mortgage rates and a slowdown in job-growth in recent months.
Although US new home construction has slowed of late, it is still well above the historical lows seen since the 2008 financial crisis. This has translated to a significant boost to the BC economy, as exports of BC wood products (representing about a fifth of all BC exports) have risen 30 per cent this year.
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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