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.
Wood Markets News
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.
Fixed-Rate Mortgages Move Lower in the Week Ending January 18th
The 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.66%, Freddie Mac reported.
Mortgage Applications for New-Home Purchases Down Month-Over-Month but Up Year-Over-Year in December
Mortgage applications for new home purchases decreased 4.0% month-over-month but were up 22.2% year-over-year, MBA reported.
US Weekly Jobless Claims Decline in the Week Ending January 13th
The advance figure for seasonally adjusted initial unemployment claims was 187,000 during the week ending January 13th, a decrease of 16,000 from the previous week.
Canada to Challenge US Decision to Maintain Duties on Exports of Canadian Softwood Lumber
Canada’s Trade Minster Mary Ng said Canada is challenging the US decision made late last year to maintain duties on exports of Canadian softwood lumber, Reuters reported.
BC Announces Additional Funding to Support Wood Product Manufacturers
BC announced it was providing new funding for six wood product manufacturers that will help create and protect hundreds of resource-sector jobs and strengthen BC’s value-added wood sector.
US Builder Confidence Continues to Climb Higher in January
The National Association of Home Builders/Wells Fargo Housing Market Index showed that builder sentiment in the market for newly built single-family homes increased 7 points in January.
Mortgage Applications Increase in the Week Ending January 12th
Mortgage loan application volume increased 10.4% on a seasonally adjusted basis from one week earlier, the Mortgage Bankers Association reported.