A new US Army Corps of Engineers policy requires the consideration of mass timber as structural option for all vertical construction projects, according to the Engineering News-Record.
Wood Markets News
Brazilian Exports of Wood-Based Products Decline Year-Over-Year in September
In September, Brazilian exports of wood-based products (except pulp and paper) declined 24.0% year-over-year in value, according to the ITTO.
US Nonfarm Payroll Increases by 150,000 in October; Unemployment Inches Higher to 3.9%
Total nonfarm payroll employment increased by 150,000 in October. The unemployment rate increased 0.1% to a reading of 3.9%.
Canadian Employment and Unemployment Both Increase Modestly in October
In October, employment increased by 18,000 jobs, or 0.1%. This follows an increase of 64,000 jobs, or 0.3%, in September.
US Census Bureau Releases Q3 Residential Vacancies and Homeownership Report
The national vacancy rate in Q3 was 6.6% for rental housing and 0.8% for homeowner housing.
Sales of New Homes Make Up Almost a Third of All Home Sales in the US
30.6% of single-family homes for sale in Q3 were new construction, the highest share of any Q3 on record, Redfin reported.
Mortgage Rates Pause Upward Trek in the Week Ending November 2nd
30-year fixed-rate mortgage averaged 7.76%, down from last week when it averaged 7.79%, Freddie Mac reported.
Private Sector Job Cuts Decline Month-Over-Month but Increase Year-Over-Year in October
US-based employers announced 36,836 job cuts in October, down 22.0% from September, according to Challenger, Gray & Christmas, Inc.
US Weekly Jobless Claims Climb Higher in the Week Ending October 28th
The advance figure for seasonally adjusted initial unemployment claims was 217,000, an increase of 5,000 from the previous week.
US Construction Spending Increases Month-Over-Month and Year-Over-Year in September
Total construction spending during September was estimated at a seasonally adjusted annual rate (SAAR) of $1,996.5 billion, 0.4% above the revised August estimate.