BCREA ECONOMICS NOW: US Housing Starts
BCREA ECONOMICS NOW
US Housing Starts - November 19, 2014
Housing starts in the United States fell 2.8 per cent in October to a seasonally adjusted annual rate (SAAR) of 1.009 million units. However, that level was 7.8 per cent higher than October 2013. After a somewhat slow start, new home construction in the US has been trending higher for much of the second half of 2014. Housing starts have registered a more than 1 million unit SAAR pace for 2 consecutive months and in 3 of the past four months. Overall, housing starts are 9.6 per cent higher year-to-date.
The recovery in the US housing market has been the primary driver of BC's resurgent forest products industry. Moreover, a healthy residential construction industry in the US is helping put the overall US economy on stronger footing. Moreover, robust growth in the US over the past two quarters has helped lift BC exports in 2014 in spite of flagging performance in the global economy.
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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