Statistics Canada reported that the total monthly value of building permits in Canada increased 6.1% in June to $11.6 billion (CAD), with a substantial monthly increase of 67.2% in the non-residential institutional component.
Wood Markets News
Mortgage Applications Decline for Third Consecutive Week in the Week Ending August 4th
Mortgage loan application volume decreased 3.1% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association. On an unadjusted basis, the Index decreased 4.0%.
US Wood Pellet Exports Up Month-Over-Month and Year-Over-Year in June
The US exported 865,995.4 metric tons of wood pellets in June, up from 820,057.5 metric tons in May, according to the USDA and analysis by Biomass Magazine.
Cross Laminated Timber to Be a Feature of the New Fraser Mill Presentation Center in BC
Construction is underway at the Fraser Mill presentation center located in South Coquitlam, BC, according to urbanYVR. The $10 million (CAD) presentation center makes use of cross-laminated timber (CLT).
Consumer Debt Showed Signs of Slowing in Q2
Consumer credit outstanding growth slowed to 4.0% in 2023Q2 (SAAR), according to the US Federal Reserve and analysis by the National Association of Home Builders.
Economic Uncertainty Continues to Negatively Impact North Carolina Timber Pricing
The Wilkes Journal Patriot published an article written by Dr. Robert Barton, Associate Dean of Extension at North Carolina State University, in which he discusses the status of the state’s timber industry.
Mortgage Credit Availability in July Declines to Its Lowest Level Since 2013
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) report, mortgage credit availability declined 0.3% in July.
Permit-to-Completion Times in Multifamily Buildings Increased Significantly in 2022
The average length of time to complete construction of a multifamily building in 2022, after receiving authorization, was 2.3 months longer than in 2021, according to the Census Bureau and NAHB.
NFIB’s Small Business Optimism Index Increased in July but Remains Below 49-Year Average
The National Federation of Independent Business Small Business Optimism Index increased 0.9 points to a reading of 91.9 in July. This is the 19th consecutive month that it has been below the 49-year average of 98.
First Timber High-Rise in Tasmania, Australia, Taking Shape
In Launceston, Tasmania, Australia, a $30 million (A$) high-rise building made from timber is taking shape, according to ABC News. Five of the seven levels are built with engineered timber beams.