Elevated construction costs and rising mortgage rates are taking a toll on the pace of single-family home construction in markets across the US, according to an NAHB index.
Wood Markets News
Northwest Territory Residents Allowed to Return, but Wildfire Flare-Ups and Challenges Remain
Canadians returning to Yellowknife, Dettah, and Ndilǫ this week can expect to see fires in the area flare up in the coming weeks, a NWT minister has said, according to CBC News.
Kronospan to Establish a Flooring and MDF Factory in Egypt
Kronospan will establish a factory in Egypt to produce flooring and MDF, Zawya reported, citing a press release from Egypt’s Industrial Development Authority.
Exports of Brazilian Wood-Based Products Declined Year-Over-Year in July
In July, Brazilian exports of wood-based products (except pulp and paper) declined 36.0% in value compared to July 2022, according to the International Tropical Timber Organization.
Canadian Real GDP Declines 0.2% Month-Over-Month in June
Real GDP declined 0.2% in June, following a 0.2% increase in May. Both service-producing industries and goods-producing industries contracted.
US Construction Spending Increases 0.7% Month-Over-Month in June
Total construction spending during July was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7% above the revised June estimate of $1,958.9 billion.
Real Estate Investor Home Purchases Declined 45% Year-Over-Year in Q2
Investor home purchases declined 45% year-over-year in Q2, outpacing the 31% drop in overall homes sales during the same time period, Redfin reported.
US National Interagency Fire Center Wildfire Update for the Week Ending September 1st
As of September 1st, 82 large wildfires have burned more than 642,615 acres in 14 states. Three new large new fires were reported on Thursday.
US Nonfarm Payroll Increases by 187,000 in August; Unemployment Climbs to 3.8%
Total nonfarm payroll employment increased by 187,000 in August. The unemployment rate increased 0.3 percentage point to 3.8%.
Canada Reports GDP, Income, and Expenditures for Q2
Statistics Canada reported that real GDP was nearly unchanged in 2023Q2, following a 0.6% increase in Q1. Final domestic demand increased by 0.3%.