Residential building construction costs increased 0.9% in Q4, following a 1.2% increase in Q3. Nonresidential costs increased 0.7% in Q4, following a 1.3% increase in Q3.
Wood Markets News
Fixed-Rate Mortgages Tick Down in the week Ending February 1st
The 30-year fixed-rate mortgage averaged 6.63%, down from last week when it averaged 6.69%, Freddie Mac reported.
Private Sector Job Cuts Surge Month-Over-Month in January
According to Challenger, Gray & Christmas, US-based employers announced 82,307 job cuts in January, a 136% increase from 34,817 cuts announced in December.
US Weekly Jobless Claims Increase in the Week Ending January 27th
The advance figure for seasonally adjusted initial unemployment claims was 224,000, an increase of 9,000 from the previous week’s revised level of 215,000.
Tolko’s Lavington, BC, Sawmill Resumes Production Following Energy Transformer Issue
After an energy transformer issue eight weeks ago interrupted its power, Tolko’s Lavington, BC, sawmill returned to full production on Monday, The Vernon Morning Star reported.
Three Canadian Provinces Collaborating to Expand Opportunities for Encapsulated Mass Timber Construction
British Columbia, Ontario, and Quebec are collaborating in an effort to open more doors for encapsulated mass timber construction (EMTC), Construction Business News reported.
Mortgage Applications Decline in the Week Ending January 26th
Mortgage loan application volume decreased 7.2% on a seasonally adjusted basis from one week earlier, MBA reported.
ADP Reports Increased Private Sector Employment and Compensation Gains in January
Nonfarm private sector employment increased by 107,000 jobs in January and annual pay was up 5.2% year-over-year, ADP reported.
Canadian Real GDP Expanded 0.2% in November
Canadian real GDP grew 0.2% in November, after being essentially flat for the previous three months. Overall, 13 out of 20 industrial sectors posted gains.
Ontario Announces Forest Biomass Program Funding
Ontario is investing $9.4 million (CAD) in 14 initiatives to develop the emerging uses of underutilized wood and mill by-products, collectively known as forest biomass.