January 24, 2008 / 4:57 PM / in 10 years

U.S. housing slowdown has hit Canada: Dodge

OTTAWA (Reuters) - The slowdown in the U.S. housing market, a key market for Canadian exports, has already started having an impact on the Canadian economy, Bank of Canada Governor David Dodge said on Thursday.

“The Canadian economy has already been quite significantly affected by the decline in housing construction in the United States,” Dodge told reporters.

“We’re major exporters of building materials to the U.S. and we’re a major exporters of automobiles to the U.S., both of which have declined well in advance of the overall GDP number.”

Reporting by Louise Egan; Writing by Frank Pingue; Editing by Peter Galloway

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