US housing starts:
• “normal” is considered to be 1.50-1.55 million units.
• 2007-2020: Annual starts have been below 1.55 million.
• 2023: High house prices.
• Low housing inventory.
• Rising mortgage rates.
• Housing starts stall.
• Home builder cancellations slowing.
• Mortgage rates ~7%.
• Housing starts slowing.

US South dominates North America housing market (55%) and lumber output. “Spruce” (SPF) is preferred over SYP sawnwood, but SYP used in treating/trusses. Increased “spruce” imports from Europe to US still required (Canada’ SPF in decline)!

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