Nonfarm private sector employment increased by 324,000 jobs in July and annual pay was up 6.2% year-over-year, according to the ADP® National Employment Report™.
Wood Markets News
US Monthly Construction Spending Increased Month-Over-Month and Year-Over-Year in June
Total construction spending during June was estimated at a seasonally adjusted annual rate (SAAR) of $1,938.4 billion, 0.5% above the revised May estimate of $1,929.6 billion.
First-Time Homebuyers Continue to Struggle to Find Affordable Starter Homes
Redfin reported that a first-time homebuyers must earn approximately $64,500 per year to afford a typical US “starter” home. Year-over-year, the earning level is up 13%, or $7,200.
Brazilian Exports of Wood-Based Products Declined Year-Over-Year in June
According to the International Tropical Timber Organization (ITTO), in June, Brazilian exports of wood-based products (except pulp and paper) declined 39.0% year-over-year in value to US$292.0 million in June.
Multifamily Lending Declined 2022, The Mortgage Bankers Association Reports
The Mortgage Bankers Association reported that 2,242 different multifamily lenders provided a total of $480.1 billion in new mortgages for apartment buildings with five or more units.
Potential Impact of Artificial Intelligence on Modular Construction
It is anticipated that artificial intelligence (AI) will revolutionize the construction industry, including the field of modular construction.
Job Openings and Labor Turnover Summary for June
As of the last business day in June, the number of job openings and rate was little changed at 9.6 million and the rate was unchanged at 5.8%.
New Tentative Labor Agreement Reached Between Canadian Dock Workers and Employers
Reuters reported on Monday that West Coast dock workers in Canada and their employers’ association have reached a tentative labor agreement, averting an immediate strike.
Canadian Building Construction Price Indexes Increase in Q2
According to the Canadian Building Construction Price Index, residential building construction costs increased 1.9% in Q2, following a 1.8% increase in Q1. Non-residential building construction increased 1.5% in Q2, following a 1.7% increase in Q1.
Mortgage Payments Declined 0.1% in June
The Mortgage Bankers Association reported that homebuyer affordability improved 0.1% in June. The national median payment applied for by applicants declined to $2,162 from $2,165 in May but up from $2,112 in April 2023.