US residential construction permits, a leading indicator of new construction, decreased by 2.5 per cent in April 2017 compared to the revised March 2017 estimate, to a seasonally adjusted annual rate of 1,229,000 units. This is 5.7 per cent above the April 2016 estimate of 1,163,000. Compared to a year ago, permits for single unit structures were up 6.2 per cent, 2-4 units structures were up 12.1 per cent, and 5+ units structures were up 4.1 per cent. 

Through the first four months of the year, unadjusted building permits were up 5.7 per cent in 2017 compared to the first four months of 2016, with increased starts in single unit and two-to-four units and decreased starts in five or more unit structures.

US housing starts in April 2017 were at a seasonally adjusted annual rate of 1,172,000 units. This is 2.6 per cent below the revised March 2017 estimate of 1,203,000 and 0.7 per cent above the April 2016 estimate.

Through the first four months of the year, unadjusted housing starts were up 5.3 per cent in 2017 over 2016, with growth in structures with one unit and five or more units partially offset by a decline in structures with two to four units.

US housing starts are an important indicator for Nova Scotia's wood exports. Though not a perfect predictor, US housing starts and the value of Nova Scotia's wood exports follow similar directions over the long-term.

Source: US Census Bureau New Residential Construction