Construction sector employment increased by 23,000 in October, following a gain of 13,000 in September, according to the NAHB and Census Bureau.
Wood Markets News
Canadian Lumber Production and Shipments Increase Month-Over-Month in August
Lumber production throughout Canada increased 15.0% month-over-month in August to 4,067.9 thousand cubic meters.
Record Number of Home Sellers Reduced Their Selling Price in October to Attract Buyers
Nearly 7% of homes for sale posted a price drop during the four-week period ending on October 29th, Redfin reported.
US Army Corps of Engineers Requires Consideration of Mass Timber as a Structural Option for All Vertical Construction Projects
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.
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.