BC Forests Minister Katrine Conroy is reporting that it has been a below-average wildfire season in the province “so far” this year. Conroy noted that 93% of this season’s wildfires have been extinguished or are under control. However, high fire risks are forecast for September.
Wood Markets News
Brazilian Exports of Wood-Based Products Declined Year-Over-Year in July 2022
According to the International Tropical Timber Organization (ITTO), in July 2022 Brazilian exports of wood-based products (except pulp and paper) declined in value when compared to 2021, falling from US$465.6 million in July 2021 to US$430.8 million in July 2022.
Construction Sector Employment Continued to Grow in August
A closer look at the Bureau of Labor Statistics’ (BLS) August nonfarm payroll employment report shows both residential and non-residential construction industry employment totaled 7.7 million in August, exceeding its February 2020 level. In August, construction employment grew by 16,000 jobs.
For the First Time in 17 Months, the Average Home Sold Below Its List Price
In their latest market report for the 4-week period ending August 28, Redfin is reporting that as the housing market cooldown continues, the average home sold for less than its list price—the first time in over 17-months that selling below list has happened.
US Nonfarm Payroll Increases by 315,000 in August; Unemployment Inches Higher to 3.7%
The US Bureau of Labor Statistics reported that total nonfarm payroll employment increased by 315,000 in August. Nonfarm employment has risen by 5.8 million over the past 12 months. This growth brings total nonfarm employment 240,000 higher than its pre-pandemic level in February 2020.
Impasse Between US Freight Railroads and 9 of 12 Railroad Unions Continues
With 9 out of the 12 railroad unions still in negotiations with the freight railroads on a new labor agreement, and major sticking points over wages and benefits remaining a major hurdle, time is growing short to prevent a nationwide freight railroad strike from starting on September 16.
Total Value of Canadian Building Permits, Both Residential and Nonresidential, Decline in July
Statistics Canada reported today that in July, the total value of building permits in Canada dropped 6.6% to $11.2 billion (CAD), mainly due to declines in the residential sector. On a constant dollar basis (2012), the total value of building permits decreased 4.8% to 6.9 billion.
US Monthly Construction Spending Trends Lower in July 2022
On Thursday, the US Census Bureau reported that total construction spending during July 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,777.3 billion, 0.4% below the revised June estimate of $1,784.3 billion.
Job Cuts in August Decline Month-Over-Month but Are Higher Year-Over-Year
According to Challenger, Gray & Christmas, Inc.’s (CG&C) Job Cuts Report released today (9-1-22), US-based employers announced 20.485 job cuts in August. This is a 21% decrease from the 25,810 job cuts announced and reported in July 2022.
Mortgage Rates Continued to Climb in the Week Ending September 1, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 1, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 5.66% with an average 0.8 point, up from last week when it averaged 5.55%.