Personal income increased 0.2% in October; disposable personal income, personal income less personal current taxes, increased 0.3%; and ersonal consumption expenditures increased 0.2%.
Wood Markets News
US Weekly Jobless Claims Increase in the Week Ending November 25th
The advance figure for seasonally adjusted initial unemployment claims was 218,000 during the week ending November 25th, an increase of 7,000 from the previous week.
Drax Canada to Curtail its Houston, BC, Pellet Plant Starting December 7th
Houston Today reported that Drax Canada’s Houston, BC, pellet mill will be producing its final batches of pellets for 2023 up until December 7th, after which it will be closed for at least the Christmas period.
Volume of Outstanding Acquisition, Development, and Construction Loans Declined in Q3
The National Association of Home Builders (NAHB) reported that the total outstanding acquisition, development, and construction (AD&C) loan volume declined in Q3.
Mortgage Applications Increase in the Week Ending November 24th
Mortgage loan application volume increased 0.3% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.
Real GDP Increases at an Annual Rate of 5.2% in Q3, BEA Reports in Its “Second” Estimate
According to the BEA’s “second” estimate for Q3, GDP increased at an annual rate of 5.2%. This follows a reported real GDP increase of 2.1% in Q2.
US Federal Housing Finance Agency Announces Higher Conforming Loan Limit Values for 2024
The US Federal Housing Finance Agency (FHFA) announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac will acquire in 2024.
Boise Cascade Announces Indefinite Curtailment of Lumber Production in Chapman, Alabama
Boise Cascade announced the indefinite curtailment of lumber production at its Chapman, Alabama, sawmill. Operations are scheduled to cease on January 28th, 2024.
FHFA House Price Index Increases 0.6% Month-Over-Month in September
The Federal Housing Finance Agency House Price Index increased 5.5% between 2022Q3 and 2023Q3. House prices were up 2.1% when compared to 2023Q2.
Absorption Rate of New Multifamily Units Increases in Q2 as Completions Near 100,000 Units
Of the 99,290 unfurnished, unsubsidized apartments completed in Q2, 65% were absorbed into the market in the first three months following completion, according to US Census Bureau data review by the NAHB.