US Housing Starts - March 20, 2012

US housing starts declined slightly in February, though January new construction was revised higher. Total housing starts were at a seasonally adjusted annual rate (SAAR) of 698,000 last month, down 1  per cent from 706,000 (SAAR) in January. Building permits, an indicator of future home construction, were 717,000 (SAAR) in February, a 5 per cent increase from January and 3 per cent higher than February 2011.

While this morning's report is not overly positive, it does reinforce that the housing sector in the US has bottomed and that the construction sector is healing, if only gradually. That said, any sustained increase in US housing starts is good for the BC economy, particularly those regions exposed to forestry and forestry products.  We anticipate a continued slow recovery in US housing starts through 2012.

Comments:

No comments

Post Your Comment:

Your email will not be published
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.