The Associated Builders and Contractors Construction Backlog Indicator edged higher in November to 8.5 months, up from 8.4 months in October.
Wood Markets News
Canada Plans to Ramp Up Housing Construction Using Preapproved Home Designs
Canada intends to bring back a post-war effort to ramp up housing construction by developing a catalogue of pre-approved home designs, according to reporting by CBC.
Ontario Announces $1 Million in Funding for Expansion Project at Distinctive Wood Products
Ontario is investing $1 million (CAD) via the Forest Sector Investment and Innovation Program in Distinctive Wood Products, a manufacturer of kitchen cabinets and accessories.
Mortgage Applications Increase for Sixth Consecutive Week
Mortgage loan application volume increased 7.4% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.
Producer Price Index for Final Demand Unchanged Month-Over-Month but Up Year-Over-Year in November
The Producer Price Index (PPI) for final demand, seasonally adjusted, was unchanged in November, following a decline of 0.4% in October.
US Asking Rent Declines 2.1% Year-Over-Year in November
The median US asking rent declined 0.6% month-over-month and 2.1% year-over-year in November to $1,967, Redfin reported.
Canadian National to Acquire Iowa Northern Railway
Canadian National Railway (CN) has signed and closed an agreement to acquire Iowa Northern Railway (IANR). IANR operates approximately 275 track miles in Iowa connecting to CN’s US network.
Mortgage Credit Availability Declines in November
The Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) shows mortgage credit availability declined in November.
Proposed Building Code Changes in BC Will Expand Mass Timber to Taller Buildings
British Columbia’s Minster of Housing announced that proposed changes to the BC building code will expand the use of mass timber to build taller buildings.
Consumer Price Index Increases 0.1% in November; All-Item Index Up 3.1% Year-Over-Year
The Consumer Price Index for All Urban Consumers increased 0.1% in November, on a seasonally adjusted basis, after being unchanged in October.