The Mid-America Lumbermens Association (MLA) and Northwestern Lumber Association (NLA) have merged to create one of the largest building material trade associations in the industry, HBSDealer reported.
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Slowdown in Single-Family Home Construction Impacting Large Metro Markets
Elevated construction costs and rising mortgage rates are taking a toll on the pace of single-family home construction in markets across the US, according to an NAHB index.
Canadian Real GDP Declines 0.2% Month-Over-Month in June
Real GDP declined 0.2% in June, following a 0.2% increase in May. Both service-producing industries and goods-producing industries contracted.
US Construction Spending Increases 0.7% Month-Over-Month in June
Total construction spending during July was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7% above the revised June estimate of $1,958.9 billion.
Real Estate Investor Home Purchases Declined 45% Year-Over-Year in Q2
Investor home purchases declined 45% year-over-year in Q2, outpacing the 31% drop in overall homes sales during the same time period, Redfin reported.
US Nonfarm Payroll Increases by 187,000 in August; Unemployment Climbs to 3.8%
Total nonfarm payroll employment increased by 187,000 in August. The unemployment rate increased 0.3 percentage point to 3.8%.
Canada Reports GDP, Income, and Expenditures for Q2
Statistics Canada reported that real GDP was nearly unchanged in 2023Q2, following a 0.6% increase in Q1. Final domestic demand increased by 0.3%.
30-Year Mortgage Rate Inches Lower in the Week Ending August 31st
The 30-year fixed-rate mortgage averaged 7.18%, down from last week when it averaged 7.23%, Freddie Mac reported.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Increase in July
Personal income (PI) increased 0.2% in July. Disposable personal income (DPI) increased less than 0.1%. Personal consumption expenditures (PCE) increased 0.8%.
Private Sector Job Cuts Increase in August
US-based employers announced 75,151 job cuts in August, a 217% increase from July, according to Challenger, Gray & Christmas, Inc.