Across the 48 states which reported construction sector jobs data (both residential and non-residential construction) 26 states reported month-over-month employment gains in July, while 21 states lost construction sector jobs.
Wood Markets News
Mercer International Ends Its Celgar Pulp Mill Curtailment Early
The Nelson Star reported that the temporary curtailment at Mercer International’s Celgar pulp mill located near Castlegar, BC, will be ending one week early.
Canadian Investment in Building Construction Declines in June and Q2
Overall investment in building construction declined 3.1% to $18.0 (CAD) in June. Residential construction investment declined 4.5% to $12.1 billion.
Canadian Industrial Product and Raw Materials Price Indexes Post Monthly Gains in July
In July, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.4% month-over-month but declined 2.7% year-over-year.
US Custom Home Building Continues to Slow
Custom home building gained market share during recent quarters but experienced a drop for construction starts, according to the US Census Bureau and NAHB.
US National Interagency Fire Center Wildfire Update for the Week Ending August 18th
As of August 18th, 92 large wildfires have burned more than a half million acres in 14 states. Fourteen large new wildfires were reported on Thursday alone.
Mortgage Applications for New Home Purchases Climb Month-Over-Month and Year-Over-Year in July
The Mortgage Bankers Association reported that mortgage applications for new home purchases increased 0.2% month-over-month and were up 35.5% year-over-year.
Nonresidential Construction Backlog Continued to Grow in July
The Associated Builders and Contractors Construction Backlog Indicator increased to a reading of 9.3 months for July. Year-over-year, the measure is up 0.6 months.
30-Year Fixed-Rate Mortgage Reaches Its Highest Level in Two Decades
The 30-year fixed-rate mortgage averaged 7.09% for the week ending August 17th, up from 6.96% a week earlier, according to Freddie Mac. This marks the fourth consecutive weekly increase.
Townhouse Construction Starts Changed Little in Q2
Single-family attached starts totaled 38,000 during Q2, according to the US Census Bureau and National Association of Homebuilders. That is relatively unchanged compared to 2022Q2.