Overall, the construction industry added a net 23,000 jobs month-over-month in October, according to the Bureau of Labor Statistics and NAHB analysis.
Wood Markets News
Rental Concessions Increase Amid Attempts to Maintain Current and Lure New Residents
Rental concessions are at their highest level in more than two years despite stronger rental demand, Zillow reports.
The Conference Board US Leading Economic Index® Declines Again in October
The Conference Board Leading Economic Index® declined 0.8% in October, after posting declines of 0.7% in September and 0.5% in August.
Housing Starts and Building Permits Rise, While Completions Fall in October
Privately‐owned housing starts in October increased 1.9% to a seasonally adjusted annual rate of 1,372,000,
US Pending Home Sales Climb, but Number of Buyers Backing Out of Deals Grows
US pending home sales rose 1% month-over-month in October to their highest level in a year on a seasonally adjusted basis, Redfin reported.
Canada’s Industrial Product and Raw Materials Price Indexes Both Decline in October
The price of softwood lumber declined 6.4% in October—the largest monthly decrease since March, when it fell 6.7%
US Townhouse Construction Records Best Quarter Since 2007 in Q3
Single-family attached starts totaled 43,000 units in Q3, 16% higher than 2022Q3, according to the Census Bureau and NAHB.
Canadian Unemployment Holds Steady at 5.5% in September
The unemployment rate was unchanged in September, holding at 5.5% for the third month in a row. This follows an increase of 0.5 percentage points from April to July.
Mortgage Applications for New Home Purchases Up Month-Over-Month and Year-Over-Year in October
Mortgage applications for new home purchases increased 6.0% month-over-month and 39.7% year-over-year, the Mortgage Bankers Association reported.
US Builder Confidence Moves Lower for Fourth Consecutive Month in November
The NAHB/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes declined 6 points to a reading of 34 in November.