Housing Starts
Definition
Housing starts measures the number of new housing units started. This includes single, semi-detached row and apartment housing intended for all markets (rental, condo, co-op and homeowner).
Why This Matters
Housing starts is an often-used indicator to track changes in the health of the economy. It is a leading indicator — changes in housing starts occur before general trends in the overall economy can be seen.
Measurement and Limitations
According to the Canadian Mortgage and Housing Corporation (CMHC) “a housing start is defined as the beginning of construction work on the building where the dwelling unit will be located. This can be described in 2 ways:
- It’s usually the stage when the concrete has been poured for the whole of the footing around the structure.
- An equivalent stage where a basement will not be part of the structure.”
Housing starts data collected by CMHC through their Starts and Completions Survey. Housing starts is a good and often-used proxy measure for the overall health of the economy. However, as a proxy measure, there are limitations on how representative the data can be of overall health of the economy.
Data Source
Canadian Mortgage and Housing Corporation Housing Market Information Portal. Retrieved from https://www03.cmhc-schl.gc.ca/hmip-pimh/en#Profile/4611040/4/Winnipeg%20(CY)
Data is updated on Peg as it becomes available from the data providers.
References
City of Winnipeg (2014). Annual Financial Report. Available at: http://www.winnipeg.ca/finance/files/2014AnnualReport.pdf
Housing Starts in the Sustainable Development Goals
Click on the SDG to reveal more information
8. Promote inclusive and sustainable economic growth, employment and decent work for all
Roughly half the world’s population still lives on the equivalent of about US$2 a day. And in too many places, having a job doesn’t guarantee the ability to escape from poverty. This slow and uneven progress requires us to rethink and retool our economic and social policies aimed at eradicating poverty.
A continued lack of decent work opportunities, insufficient investments and under-consumption lead to an erosion of the basic social contract underlying democratic societies: that all must share in progress. The creation of quality jobs will remain a major challenge for almost all economies well beyond 2015.
Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs that stimulate the economy while not harming the environment. Job opportunities and decent working conditions are also required for the whole working age population.
Related Housing Starts Targets
Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries
11. Make cities inclusive, safe, resilient and sustainable
Cities are hubs for ideas, commerce, culture, science, productivity, social development and much more. At their best, cities have enabled people to advance socially and economically.
However, many challenges exist to maintaining cities in a way that continues to create jobs and prosperity while not straining land and resources. Common urban challenges include congestion, lack of funds to provide basic services, a shortage of adequate housing and declining infrastructure.
The challenges cities face can be overcome in ways that allow them to continue to thrive and grow, while improving resource use and reducing pollution and poverty. The future we want includes cities of opportunities for all, with access to basic services, energy, housing, transportation and more.
Related Housing Starts Targets
By 2030, enhance inclusive and sustainable urbanization and capacity for participatory, integrated and sustainable human settlement planning and management in all countries