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.
Wood Markets News
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.
Western Australia Joins Victoria in Banning Commercial Logging of Native Forests in 2024
Western Australia has joined Victoria in banning commercial logging of native forests starting next year, The Sydney Morning Herald reported.
Construction Sector Job Openings and Labor Turnover Survey Results for August
The construction labor market continued to slow in August, according to analysis of the JOLTS report by the National Association of Home Builders.
New Zealand Government Supporting Non-Pine Tree Sawmilling With Various Initiatives
New Zealand Forestry Minister Penni Henare has said that the government is supporting non-pine tree sawmilling and backing further creation in sawmills in Rotorua and Whangarei.
Job Openings and Labor Turnover Survey for August
As of the last business day in August, the number and rate of job openings increased by 690,000 to 9.6 million and 5.8%, respectively.
Molpus Woodlands Group and Trace Carbon Solutions Announce Carbon Sequestration Hub in Louisiana
Molpus and Trace have signed a servitude agreement providing Trace with exclusive rights to develop and operate a carbon sequestration site on 20,000 acres in Louisiana.
US Monthly Construction Spending Increases 0.5% Month-Over-Month in August
Total construction spending during August was estimated at a SAAR of $1,983.5 billion, 0.5% above the revised July estimate of $1,973.7 billion.
VMG Group Opens Its New LVL and I-Joist Manufacturing Facility in Lithuania
VMG Group has opened a LVL and I-joist factory in Lithuania, according to Timber Trades Journal Online. The facility is the first LVL plant in Lithuania.
Mortgage Application Payments Increase Modestly in August
The national medium payment applied for by applications increased to $2,170, up from $2,162 in July, according to an index by the Mortgage Bankers Association.