On Wednesday, the US Census Bureau reported that total construction spending during December was estimated at a seasonally adjusted annual rate of $1,809.8 billion, 0.4% below the revised November estimate. The December figure is 7.7% above the December 2021 estimate.
Wood Markets News
Job Openings and Labor Turnover Summary Released for December
On Wednesday, the US Bureau of Labor Statistics released its Job Openings and Labor Turnover Summary (JOLTS) for December. According to the JOLTS report, as of the last business day in December, the number and rate of job openings increased to 11.0 million and 6.7%, respectively.
ADP Reports Private Sector Employment Gains and Increased Compensation in January
According to the January ADP® National Employment Report™ released today, nonfarm private sector employment increased by 106,000 jobs in January, and annual pay was up 7.3% year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
Mortgage Applications Declined in the Week Ending January 27th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending January 27th, the Market Composite Index (a measure of mortgage loan application volume) declined 9.0% on a seasonally adjusted basis from one week earlier.
US Census Bureau Quarterly Residential Vacancies and Homeownership Report Released for 2022Q4
The US Census Bureau on Tuesday released its Quarterly Residential Vacancies and Homeownership report for 2022Q4. According to the report, the homeownership rate of 65.9% in 2022Q4 was little changed from the 2021Q4 rate of 65.5%. Approximately 89.9% of the housing units were occupied.
FHFA Reports US Home Prices Declined 0.1% in November but Were Up 8.2% Year-Over-Year
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (1-31-23), US home prices declined 0.1% in November when compared to October. Year-over-year, home prices rose 8.2%. The previously reported 0.0% price increase in October 2022 remained unchanged.
Canadian Real GDP Edged Higher in November; Preliminary December GDP Flat
Statistics Canada today released its real gross domestic product (GDP) report for November. According to the report, Canadian real GDP edged 0.1% higher in November, following a 0.1% uptick in October. Fourteen out of the 20 industrial sectors reported increases in November.
Construction of Six-Story Mass Timber Student Housing Project at University of Fraser Valley’s Abbotsford, BC, Campus to Get Underway
Turner Construction Co. and Clark Builders have been appointed by University of Fraser Valley to build a 398-bed student housing community on its Abbotsford, BC, Canada campus. Originally announced in May 2022, the $73.7 million (CAD) project will triple the campus’ number of beds.
S&P CoreLogic Case-Shiller US Home Price Index Declined Further in November
On Tuesday, S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The Index reported that home prices experienced a 7.7% annual gain in November. The increase is down from a 9.2% annual gain in October.
The Conference Board’s Consumer Confidence Index Declines in January
The Conference Board released today its Consumer Confidence Index® (CCI) for January 2023. The CCI declined to 107.1 (1985=100) in January. This follows and upwardly revised figure of 109.0 for December. The Present Situation Index increased to a reading of 150.9 in January.