Commercial and multifamily originations were 53% lower in 2023Q2 compared to 2022Q2, according to a survey by the Mortgage Bankers Association.
Wood Markets News
Canadian Consumer Price Index Continued to Increase in July
StatCan reported that the Consumer Price Index (CPI) grew 3.3% year-over-year in July. The increase in the CPI was mainly attributed to a base-year effect in gasoline prices.
University of Pennsylvania Celebrates Topping Off of 6-Story Mass Timber Hall
The University of Pennsylvania is celebrating the topping off of its Amy Gutman Hall and the completion of the building’s frame for the new School of Engineering and Applied Science.
US Building Materials Costs in Residential Construction Inch Higher in July
The prices of goods used in residential construction, excluding energy, increased 0.2% in July, not seasonally adjusted, according to the Bureau of Labor Statistics June Producer Price Index and the NAHB.
US Construction Industry Adds 19,000 Jobs in July
The construction industry added a net 19,000 jobs in July, according to analysis by the Associated Builders and Contractors of US Bureau of Labor Statistics nonfarm payroll data.
Canadian Government Announces Additional Funding for Firefighter Training as Wildfire Season Continues
Canada is stepping up its efforts to support those Canadians dealing with today’s wildfire issues, as well as preparing for the future.
US Housing Market Recovers Recent Losses—Total Value Now at Record High
Redfin reported that the total worth of US homes hit a new record high of $46.8 trillion in June. This overtakes the prior all-time high of $46.6 trillion set a year earlier.
Producer Price Index Edges Higher Month-Over-Month and Year-Over-Year in July
The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.3% in July, after remaining unchanged in June and declining 0.3% in May.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for August
The University of Michigan Index of Consumer Sentiment declined to a reading of 71.2 in August, down from 71.6 in July. This is a month-over-month decline of 0.6% but up 22.3% year-over-year.
US National Interagency Fire Center Wildfire Update for the Week Ending August 11th
As of Friday, August 11th, 88 large wildfires have burned 577,396 acres in a dozen states. Ten large new wildfires were reported on Thursday. More than 11,000 wildland firefighters and support personnel have been deployed.