US housing starts continued to accelerate in December, surging 12.1 per cent to 954,000 units at a seasonally adjusted annual rate (SAAR), the fastest pace of new home construction since June 2008. Building permit data, a proxy for future housing starts, edged higher as well to 903,000 (SAAR).
Surging US housing starts suggest that residential investment provided a
significant contribution to US economic growth for the first time since 2005.
This trend, if sustained, bodes well for BC economic growth, and in particular
BC lumber exports in 2013.
Copyright BCREA - Reprinted with permission