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.
Wood Markets News
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.
Brazilian Exports of Wood-Based Products Decline Year-Over-Year in August
In August, Brazilian exports of wood-based products (except pulp and paper) fell 26.0% in value year-over-year, according to the International Tropical Timber Organization.
With Mortgage Rates at a Two-Decade High, More Home Sellers Are Lowering Their Asking Price
Redfin reported that during the four-week period ending on September 24th, roughly 6.5% of US homes for sale had a price drop—up from 5.8% a month earlier.
US Pending Home Sales Drop Across All Regions
The National Association of Realtors® Pending Home Sales Index (PHSI) fell 7.1% month-over-month in August to a reading of 71.8.
South Perth, Australia, Approves Construction of World’s Tallest Hybrid Timber Tower
PerthNow reported that after redesign efforts and negotiations, the City of South Perth, Australia, has approved plans to build the world’s tallest hybrid timber tower.
Canadian Real GDP Flat in July
Real GDP was basically unchanged in July, following a 0.2% decline in June. Service-producing industries inched 0.1% higher, while goods-producing industries declined 0.3%.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Increase in August
Personal income (PI) increased 0.4% in August; disposable personal income (DPI) increased 0.2%; and personal consumption expenditures (PCE) increased 0.4%.
US National Interagency Fire Center Wildfire Update for the Week Ending September 29th
As of Friday, September 29th, 32 large wildfires have burned more than 365,438 acres in 9 states. Two new large wildfires were reported on Thursday.