The construction sector declined 0.4% for the second consecutive month and was the largest detractor to growth in July.
Wood Markets News
Tolko Announces 30-Day Curtailment at Its Soda Creek Sawmill in Williams Lake, BC
Tolko Industries confirmed that starting Monday, September 30th, the Soda Creek Division mill in Williams Lake, BC, will begin a 30-day shutdown, The Williams Lake Tribune reported.
Mercer Plans Downtime for Necessary Repairs at Its Peace River, AB, Pulp Mill
Mercer announced that its Peace River pulp mill in Alberta has taken downtime to complete necessary repairs to the mill’s digester after experiencing a mechanical failure.
US Real GDP Increases at an Annual Rate of 3.0% in Q2, BEA Reports in Its “Third” Estimate
Real GDP increased at an annual rate of 3.0% in Q2. This follows a reported increase of 1.6% (recently revised upward from 1.4%) in Q1.
US Pending Home Sales Increase 0.6% in August
The Pending Homes Sales Index increased 0.6% month-over-month to a reading of 70.6 in August, NAR reported. Year-over-year, pending homes sales were down 3.0%.
Housing Starts in Canada’s Six Largest Cities Increase 4% During First Half of 2024
Combined housing starts in Canada’s 6 largest cities increased 4% to 68,639 new units, the second highest level since 1990, CMHC reported.
US 30-Year Mortgage Rate Hits Lowest Level in Two Years
The 30-year fixed-rate mortgage averaged 6.08%, down from last week when it averaged 6.09%, Freddie Mac reported.
Asking Rents for Newly Constructed US Apartments Declined as Availability Rose in Q2
Asking rents for newly constructed apartments fell to $1,746 in Q2, down 6.2% from a year earlier and the lowest level in more than two years, Redfin reported.
US Weekly Initial Jobless Claims Trend Lower in the Week Ending September 21st
The advance figure for seasonally adjusted initial unemployment claims was 218,000, a decrease of 4,000 from the previous week.
Canadian Employment Posts Modest Gain in July
The number of employees receiving pay and benefits from their employer increased 0.2% in July, following a decline of 0.1% in June.