US housing starts in January fell 16 per cent from
December to a seasonally adjusted annual rate (SAAR) of 880,000 units, well
below expectations of 950,000 units.
However, new home construction in January was impeded by severe winter
weather in many parts of the United States and we expect housing starts to
climb in the spring and summer months.
The recovery in US homebuilding provided a significant
boost to BC's struggling forestry sector in 2013, prompting over 20 per cent
growth in shipments of lumber and other wood products. As new home construction
down south continues to grow, housing markets in BC’s lumber producing regions
should benefit from improved employment and household incomes.
Copyright BCREA - reprinted with permission
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