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July 18, 2018US HOUSING STARTS AND BUILDING PERMITS, JUNE 2018 US residential construction permits, a leading indicator of new construction, declined 2.2 per cent in June 2018 compared to the revised May estimate, to a seasonally adjusted annual rate of 1,273,000. This is 3.0 per cent below the June 2017 estimate of 1,312,000. Permits for single unit structures increased by 0.8 per cent in June, while permits for structures with 2 to 4 units increased by 5.9 per cent. For structures with 5 or more units, permits declined 8.7 per cent in June.
On a year-to-date basis, permits are up 4.9 per cent in the first half of 2018 compared to the same period in 2018. Permits for single unit structures were up 6.7 per cent in the first six months of the year, while permits for 2 to 4 unit structures were up 10.5 per cent and permits for structures with 5 or more units were up 1.2 per cent.
US housing starts were down 12.3 per cent in June 2018 compared to the revised May estimate, to a seasonally adjusted annual rate of 1,173,000 units. This month's estimate is 4.2 per cent below the June 2017 estimate of 1,225,000. Year-to-date, housing starts are up 7.4 per cent over the same six months in 2017.
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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