Canada housing starts fall 3% in August

09 September 2010 14:49  [Source: ICIS news]

TORONTO (ICIS)--Canadian housing starts fell 3% to a seasonally adjusted annual rate of 183,300 units in August, down from a revised rate of 188,900 units in July, a government housing agency said on Thursday.

“Housing starts moved lower in August, reflecting a decrease in both single and multiple starts,” Bob Dugan, chief economist at Ottawa-based Canada Mortgage and Housing Corporation (CMHC), said in a brief statement.

Actual housing starts in August were 16,509, up 14% from 14,472 in August 2009.

As in the US and elsewhere, the chemical industry closely follows the housing market, which is a key downstream consuming sector for a wide variety of chemicals, plastics, fibres, paints, coatings, and resins. 

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By: Stefan Baumgarten
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