The Consumer Price Index (CPI) increased 3.1% year-over-year but was down from September’s 3.8% gain.
Wood Markets News
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.
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%