Featured Post

NEWS: To what extent are Africa's megacities equipped and prepared to cope with the impacts of climate change?

Posted by on
The health repercussions of climate change in African cities require immediate attention. These urban areas find themselves on the front lines, facing rising temperatures and worsening air pollution. To safeguard both people and the environment, governments must act decisively. They must channel investments into green infrastructure, champion clean energy initiatives, and bolster healthcare systems. African cities face substantial health challenges due to climate change, including flood risks, droughts, and the spread of vector-borne diseases. Droughts are a significant cause of mortality globally and are indirectly linked to extreme heat. Indirect health issues arise through food-borne and vector-borne diseases, non-communicable illnesses, displacement, and mental health stressors. Air pollution intensifies with fossil fuel combustion, contributing to over 5 million deaths annually. African cities have responded by implementing policies to minimize resource consumption and reduce gree
0

Is housing construction more resilient to the pandemic?

Posted by on
The Canadian Housing starts rose to 193,500 annualized units in May, from 166,500 in April.
Could this be a sign that home construction is one area of the economy that will escape the COVID-19 pandemic with relatively little disruption?


Canadian home construction is proving more resilient to COVID-19 crisis than other sectors of the economy

Starts in Quebec were not included in April’s tally because the province shut down its construction for much of this month. While starts on a six-month moving average basis were a bit soft, they were nowhere near levels seen during the global financial crisis, said TD Economics’ Rishi Sondhi.

Most provinces did not shut down construction and the strength in activity also reflects demand from before the pandemic, which has been strong, said Sondhi.“Even if we assume activity runs about 15 per cent below pre-COVID trends through the rest of the year, the 2020 housing starts tally would come in around 190k — that’s meaningfully stronger than even the high end of some widely-publicized bearish forecasts out there,” said BMO senior economist Robert Kavcic.

Housing starts are just the latest economic indicator that has beat expectations over the past month, said RBC senior economist Nathan Janzen. He said the recovery will still likely be gradual, but “the recent near-term data flow has clearly been less discouraging than was expected even a few weeks ago.”

How the economy emerges from the crisis, however, still remains very uncertain and economists warn home construction’s resilience may not last. Sondhi said building permits dropped sharply in April and the prospect of “significantly” slower population growth because of the decline in immigration dims the outlook for homebuilding.

CIBC’s Royce Mendes said despite the more positive number, Canada’s housing market “is facing a number of headwinds from reduced immigration, curtailed short-term rental activity, and newly unveiled measures from CMHC to tighten lending standards.”

Comments

Post a Comment