Prices for inputs to new residential construction—excluding capital investment, labor, and imports—were unchanged in November, the BLS and NAHB reported.
Wood Markets News
Lower Mortgage Rates Drive Increased Market Activity Among Potential Buyers
Requests for home tours, mortgage applications, and pending sales are rising as mortgage rates decline from their four-month high in November, Redfin reported.
Canadian Building Permits Decline 3.1% in October
The total value of building permits issued in October decreased 3.1% to C$12.6 billion. Despite the decline, the value remained the fourth highest in the series.
USDA Awards $335 Million for Private Forestland Management and Conservation
The USDA announced awards of nearly $335 million to strengthen financial incentives for private forest landowners to manage their forests sustainably and to permanently conserve private forests in partnership with states.
US Producer Price Index for Final Demand Rises 0.4% in November
The Producer Price Index for final demand, seasonally adjusted, increased 0.4% in November. Final demand prices had increased 0.3% in October.
ABC Construction Backlog Indicator Unchanged in November
The ABC Construction Backlog Indicator (CBI) held steady at a reading of 8.4 months in November. The reading is down 0.1 months from November 2023.
US Mortgage Rates Decline for Third Consecutive Week
The 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.69%, Freddie Mac reported.
US Weekly Initial Jobless Claims Increase in the Week Ending December 7th
The advance figure for seasonally adjusted initial unemployment claims was 242,000, an increase of 17,000 from the previous week’s revised level.
Bank of Canada Lowers Interest Rates by 50 Basis Points
The Bank of Canada has reduced its target for the overnight rate by 50 basis points to 3.25%.
Canfor Acquires Additional Outstanding Shares of VIDA
Canfor has increased its ownership of VIDA to 77% by acquiring an additional 7% of outstanding shares from minority shareholders.