BCREA ECONOMICS NOW: US Housing Starts
BCREA ECONOMICS NOW
US Housing Starts - September 18, 2014
US housing starts fell 14 per cent in August to a seasonally adjusted annual rate (SAAR) of 956,000. For the first 8 months of the year, US new home construction has averaged 976,000 units (SAAR), an increase of 8.1 per cent over 2013. However, housing starts remain well below the 1 million mark most economists expected new home construction to exceed in 2014.
New home construction in the United States has been somewhat slower than expected in 2014, which has meant slower growth in exports of BC wood products. While the turnaround in the US housing market has been frustratingly slow, it will be a key source of economic growth for BC in years to come as our forestry sector recovers and eventually thrives.
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
The British Columbia Real Estate Association (BCREA) is the professional association for more than 18,500 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
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