COFI released a new report highlighting the vital role BC wood products play in ensuring the supply of cost-effective, climate-resilient building materials for affordable housing.
News in end use
Nonresidential Construction Spending Declines for Second Consecutive Month in July
Nationwide nonresidential construction spending decreased 0.2%, the Census Bureau and ABC reported.
US Open Construction Sector Jobs Drop in July
The number of open construction sector jobs shifted notably lower from 299,000 in June to 248,000 in July, the BLS and NAHB reported.
Mortgage Applications Trend Higher in the Week Ending August 30th
Mortgage loan application volume increased 1.6% on a seasonally adjusted basis from one week earlier, MBA reported.
US Job Openings and Labor Turnover Summary for July
As of the last business day in July, the number of job openings was 7.7 million. Year-over-year, the measure was down 1.1 million. The job opening rate was little changed at 4.6%.
US Construction Spending Declines 0.3% in July
Total construction spending during July was estimated at a seasonally adjusted annual rate of $2,162.7 billion, 0.3% below the revised June estimate of $2,169.0 billion.
Mortgage Application Payments Trend Lower in July
MBA’s national Purchase Applications Payment Index decreased 1.9% to a reading of 167.7 in July.
Züblin Developing Timber Modular System at the Stuttgart University of Applied Sciences
Züblin’s timber modular construction system “Eco-Box” is under development in collaboration with the University of Applied Sciences in Stuttgart, Germany, Construction Briefing reported.
Increasing Cost of Starter Homes Pushing Many Potential Homebuyers Out of the Market
Homebuyers must earn $79,252 annually to afford the typical starter home, up 4.4% year-over-year and just a few hundred dollars shy of last October’s all-time high, Redfin reported.
MBA Updates Baseline Forecast for Commercial and Multifamily Borrowing
MBA said it expects total commercial and multifamily mortgage borrowing and lending to finish the year at $539 billion, a 26% increase from $429 billion in 2023.