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March 16, 2018US HOUSING STARTS AND BUILDING PERMITS, FEBRUARY 2018 US residential construction permits, a leading indicator of new construction, decreased by 5.7 per cent in February 2018 compared to the revised January 2018 estimate, to a seasonally adjusted annual rate of 1,298,000. This is 6.5 per cent above the February 2017 estimate of 1,219,000. The monthly decline in permits is reflected in all structure types, with single unit structures down 0.6 per cent, 2 to 4 unit structures down 14.6 per cent, and 5+ unit structures down by 14.8 per cent.
US housing starts in February 2018 were at a seasonally adjusted annual rate of 1,236,000 units. This is 7.0 per cent below the revised January estimate of 1,329,000 and is 4.0 per cent below the February 2017 estimate of 1,288,000.
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
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