Existing-home sales recorded a 4.1% decline in October from September to a seasonally adjusted rate of 3.79 million homes, according to the National Association of Realtors.
Wood Markets News
New Zealand Log Export Prices Firm as Sales to China Increase
Radio New Zealand reported that log export prices have firmed this month, with sales to New Zealand’s largest customer, China, picking up despite its post-COVID construction slowdown.
Shares of Mortgage Loans in Forbearance Decline Further in October
The total number of loans in forbearance as of October 31st decreased 2 basis points to 0.29% of servicers’ portfolio volume, down from 0.31% in September, according to the Mortgage Bankers Association.
Single-Span Timber Arch Aircraft Hangar in New Zealand Sets Record in Southern Hemisphere
Studio Pacific Architecture’s new flagship hangar being built for Air New Zealand will be the largest single-span timber arch aircraft hangar in the southern hemisphere, according to ArchitectureNow.
Canadian New-Home Prices Unchanged in October
StatCan’s New-Housing Price Index was unchanged in October. Of the 27 census metropolitan areas (CMAs), 22 were unchanged and the remaining 5 were higher.
Canadian All-Items Consumer Price Index Increases 3.1% Year-Over-Year in October
The Consumer Price Index (CPI) increased 3.1% year-over-year but was down from September’s 3.8% gain.
West Fraser Completes Acquisition of Spray Lake Sawmills in Cochrane, Alberta
West Fraser Timber Company announced that it has completed the acquisition of Spray Lake Sawmills located in Cochrane, Alberta.
Investment in Building Construction in Canada Increases in September
Investment in building construction increased 5.3% to $18.9 billion (CAD) in September. Residential building construction was up 7.3% to $12.9 billion.
Maine Senator Asks US Government to Consider Mass Timber in All New and Renovated Federal Buildings
Senator King is asking the General Services Administration to integrate mass timber into the procurement process for the construction and renovation of federal buildings, Maine Public Radio reported (11-19-23).
State-Level Analysis of Construction Sector Employment in October
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.