According to the ESR Group, the housing market is expected to begin a gradual return to a more normal balance in 2024, following years of substantial movement.
Wood Markets News
Associated Builders and Contractors Construction Backlog Indicator Inches Higher in December
The Associated Builders and Contractors Construction Backlog Indicator increased to 8.6 months in December, up from 8.5 months in November.
US Existing-Home Sales Decline in December
Total US existing-home sales recorded a 1.0% month-over-month decrease in December to a seasonally adjusted rate of 3.78 million. Year-over-year, sales were down 6.2%.
Construction of 14-Story Mass Timber Tower at University of Toronto Aided by Federal Contribution
Natural Resources Canada announced it was making a contribution of $3.9 million (CAD) to the University of Toronto for the construction of a 14-story mass timber academic tower.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for January
The University of Michigan Index of Consumer Sentiment increased 13.1% month-over-month to a reading of 78.8 in January, up from 69.7 in December.
Canadian Unemployment Up Month-Over-Month and Year-Over-Year in November
There were 460,000 Canadians receiving regular Employment Insurance benefits in November. That is 1.7%, or 7,900 persons, higher than in October.
US Housing Starts Fall in December, While Permits and Completions Climb
Privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,460,000, down 4.3% from November but 7.6% above December 2022.
Canadian Investment in Building Construction Increases in November
Canadian investment in building construction increased 1.7% in November to $19.8 billion (CAD). Investment in residential building construction rose 2.2% to $13.7 billion.
Canadian Wood Pellet Production and Exports Fall in 2023
Canadian wood pellet production was down 6% in 2023 and exports down were 14%, according to a Biomass Magazine review of USDA data.
US Remodeler Sentiment Inches Higher in 2023Q4
The National Association of Builders (NAHB)/Westlake Royal Remodeling Market Index (RMI) increased 2 points to a reading of 65 in 2023Q4, up from 63 in 2023Q3.