US residential construction permits, a leading indicator of new construction, decreased by 4.5 per cent in September 2017 compared to the revised August 2017 estimate, to a seasonally adjusted annual rate of 1,215,000 This is 4.3 per cent below the September 2016 estimate of 1,270,000. Compared to last month, permits for single unit structures were up 2.4 per cent, 2-4 units structures were unchanged, and 5+ units structures were down 17.4 per cent. 

Through the first nine months of the year, unadjusted building permits were up 5.0 per cent in 2017 compared to the first nine months of 2016, with increased permits in single unit and two-to-four units, and decreased permits in five or more unit structures.

US housing starts in September 2017 were at a seasonally adjusted annual rate of 1,127,000 units. This is 4.7 per cent below the revised August 2017 estimate of 1,183,000 but is 6.1 per cent above the September 2016 estimate of 1,062,000.

Through the first nine months of the year, unadjusted housing starts were up 3.1 per cent in 2017 over 2016, with growth in structures with one unit and  two-to-four units,  and a decline in  structures with five or more 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