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February 16, 2017US HOUSING STARTS AND BUILDING PERMITS, JANUARY 2016 
US residential construction permits, a leading indicator of new construction, increased by 4.6 per cent in January 2017 compared to the revised December 2016 estimate, to a seasonally adjusted annual rate of 1,285,000 units. This is 8.2 per cent above the January 2016 estimate of 1,188,000. Compared to a year ago, permits for single unit structures were up 11.1 per cent, 2-4 units structures were down 11.4 per cent, and 5+ units structures were up 4.7 per cent.
On an annual basis, unadjusted building permits were up 0.6 per cent in 2016 compared to 2015, with increased starts in single and two-to-four unit structures offset by decreased starts in structures with five or more units.
US housing starts in January 2017 were at a seasonally adjusted annual rate of 1,246,000 units. This is 2.6 per cent below the revised December 2016 estimate of 1,279,000 and 10.5 per cent above the January 2016 estimate.
Annually, unadjusted housing starts were up 5.6 per cent in 2016 over 2015, with growth in structures with one to four units partially offset by 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