Redfin reported on Friday that the median US asking rent increased 1.7% year-over-year to $1,937 in February. This marks the smallest increase in nearly 24 months and the lowest level in a year. A year earlier, rents were up nearly 10 times that much: 16.5%.
Wood Markets News
Employment in Canada Edges Higher in February; Unemployment Holds Steady at 5.0%
Statistics Canada reported today that in February employment increased by 22,000, or 0.1%. This follows two consecutive monthly gains. Employment has trended upward since September 2022, and there were 348,000, or 1.8%, more employed persons in Canada in February than in August 2022.
Private Sector Job Cuts in February Down Month-Over-Month but Up Year-Over-Year
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report released today, US-based employers announced 77,770 job cuts in February, down 24% from the 102,943 announced job cuts in January. However, this is 410% higher than a year ago.
Dezeen’s Timber Revolution Series: Exploring the Potential of Mass Timber Construction
Dezeen has been running a series of articles about the use of wood and mass timber in building construction. In the accompanying article, Dezeen is featuring 11 upcoming buildings with mass timber structures from around the globe.
Construction Sector Job Openings Shrink in January
A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) for January reveals that the construction labor market experienced a substantial decline in job openings in January as the housing market slowed.
Fixed Mortgage Rates Climb Higher for Fifth Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 9th. The 30-year fixed-rate mortgage averaged 6.73%, up from last week when it averaged 6.65%. A year ago at this time, the 30-year rate averaged 3.85%.
US Weekly Jobless Claims Increase
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 211,000 during the week ending on Saturday, March 4th. This is an increase of 21,000 from the previous week’s unrevised level of 190,000.
Mercer International Shortens Celgar Pulp Mill Downtime
According to local reporting by My Kootenay Now, Mercer International has shortened the scheduled shutdown of its Celgar pulp mill located in Castlegar, British Columbia. Due to a fiber shortage, the company previously said it would shut down the mill for three weeks, beginning March 7th.
Pacific Lumber Inspection Bureau Releases New Grading Rule Book
The Pacific Lumber Inspection Bureau has published a new grading rule book, titled WCLB Standard Grading Rules for West Coast & Imported Softwood lumber, No. 18, 2022, according to reporting by The Construction Specifier. The new book replaced WCLB Standard No. 17, the bureau’s previous version of the grading rules.
Transportation Prices Declined at a Record Pace in February
FreightWaves is reporting that transportation prices in February fell at the fastest rate recorded in the six-and-a-half-year history of a monthly survey of supply chain executives. The Logistic Manager’s Index (LMI) registered a reading of 36.1 for transportation costs in February, 5.9 percentage points lower than in January.