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.
Copyright BCREA - reprinted with permission
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