Consumer credit outstanding growth slowed to a SAAR of 2.5% in July, down from 3.4% in June, according to the Federal Reserve and NAHB.
Wood Markets News
Smurfit Kappa Reaches Agreement to Purchase WestRock, Creating World’s Largest Paper and Packaging Company
Ireland’s Smurfit Kappa has reached an agreement to purchase WestRock for an agreed $11 billion to create the world’s largest paper and packaging company, Reuters reported.
Mortgage Credit Availability Increases in August
The Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) increased 0.3% to a reading of 96.6 in August.
Late-Summer Homebuying Slowdown Brings Additional Options to Potential Buyers
Zillow data shows that sellers listed nearly 350,000 homes for sale across the US in August, approximately 4% more than in July.
Asking Rents Remained High in August, but Some Landlords Are Now Offering Concessions
Redfin reported that the median US asking rent was $2,052 in August, just $2 below the record high set a year earlier. The median rent is up 0.7% from July.
Construction Begins on Japan’s Expo 2025 Pavilion With a 3-Story Cross-Laminated Timber Building
The Japan News is reporting that a groundbreaking ceremony was held for the Japan pavilion of the 2025 Osaka-Kansai Expo on Osaka’s human-made Yumeshima Island.
NFIB Small Business Optimism Index Declines in August
The NFIB Small Business Optimism Index declined 0.6 points to a reading of 91.3 in August.
New US Single-Family Spec Home Lot Sizes Continued to Shrink in 2022
42% of new single-family detached homes sold in 2022 were built on lots under 7,000 square feet (less than 0.16 of an acre), according to the Census Bureau and NAHB.
Chile’s CMPC Agrees to Purchase Kentucky-Based Heritage Millwork
Chile-based Empresas CMPC SA has agreed to acquire Heritage Millworks (dba Powell Valley Millwork) in Lexington, Kentucky, according to Merchant Magazine.
Canadian Wildfire Update Provided by Natural Resources Canada
Canada is at a national Preparedness Level 5 out of 5, indicating full commitment of national resources is ongoing, demand for resources is extreme, and international resources are being mobilized.