The economic weakness in the United States began to take root as problems in its housing sector and financial system emerged in 2007, reducing demand for Canadian exports and weighing on growth, even with the booming terms of trade.
4  BIS central bankers’ speeches  to be developed and houses built. Nonetheless, the accord is an important step forward in helping to alleviate the Auckland housing shortage. Pressures on construction As more new homes are built in Auckland, this will create construction jobs and contribute to economic growth.