During the first 6 months of 2023, housing supply in Canada’s biggest cities grew by only 1% year-over-year, according to the Canada Mortgage and Housing Corporation.
Wood Markets News
Mortgage Rates Climb to Highest Level Since 2000
The 30-year fixed-rate mortgage averaged 7.49%, up from last week when it averaged 7.31%, according to Freddie Mac.
North American Rail Traffic Report for the Week Ending September 30th
US weekly rail traffic increased 2.8% compared with the same week last year, according to the Association of American Railroads.
US Weekly Jobless Claims Increase in the Week Ending September 30th
The advance figure for seasonally adjusted initial unemployment claims was 207,000 during the week ending September 30th, an increase of 2,000.
Private Sector Job Cuts Decline Month-Over-Month but Increase Year-Over-Year in September
US-based employers announced 47,457 job cuts in September, down 37% from August, according to Challenger, Gray & Christmas, Inc.
In-Depth Review of US Construction Spending in August
Private residential construction spending increased 0.6% in August, the fourth consecutive increase since May, according to the National Association of Home Builders.
Timberlink’s NeXTimber® Manufacturing Facility in South Australia Ready to Begin Production
Timberlink will complete the construction of Australia’s first combined radiata pine CLT and GLT manufacturing facility, according to Architecture & Design.
Mortgage Applications Decline in the Week Ending September 29th
Mortgage loan application volume decreased 6.0% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.
A Downturn in Construction is Enveloping the US Apartment Market
According to Realtor.com, the number of new apartments starting development has fallen significantly this year, a result of higher interest rates, declining rents, and some overbuilding.
ADP® Reports Increased Private Sector Employment and Compensation Gains in September
According to the ADP® National Employment Report™, nonfarm private sector employment increased by 89,000 jobs in September and annual pay was up 5.9% year-over-year.