September 20, 2011
Carrick: U.S. home starts drop as IMF cuts global economic forecast
Home starts in the U.S. dropped five per cent in August, according to the latest numbers from the U.S. Census Bureau and Department of Housing and Urban Development. Although building permits rose 3.2 per cent over July, home starts are still lower in 2011 than in 2010.
Meanwhile, the tax break on mortgages, which contributed to wild speculative price springs a few years ago, is under close scrutiny due to the U.S. federal debt problems. For more analysis of the U.S. housing statistics in the context of the sovereign debt problems in Europe and the global growth forecasts, please see No counter-punch in U.S. home starts; another decline in August by Reed Construction Data Canada chief economist Alex Carrick.
In his latest blog entry, Carrick analyzes the residential housing numbers in the context of the downgrade of the Italian government bonds and the latest World Economic Outlook from the International Monetary Fund.
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| ALEX’S ECONOMICS BLOG |
Reed Construction Data Canada’s Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
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