The National Association of Home Builders is reporting that slower new homes sales pushed residential construction loan volumes to a post-Great Recession high during 2022Q3. Outstanding builder loan balances are rising as development debt is being held longer as new homes remain in inventory longer.
Wood Markets News
Total Value of Canadian Building Permits Decline in October as Residential Construction Weakens
Statistics Canada reported today that the total value of building permits in Canada fell 1.4% to $10.0 billion (CAD) in October. On a constant dollar basis (2012=100), the total value of building permits decreased 0.9% to $6.0 billion.
Interfor Completes Acquisition of Chaleur Forest Products From an Affiliate of the Kilmer Group
Interfor Corporation announced on Wednesday that it has completed the previously announced transaction to acquire 100% of the equity interests in the entities comprising Chaleur Forest Products in New Brunswick, Canada, from an affiliate of the Kilmer Group.
US Forest Service Announces 11 New Agreements to Advance Tribal Co-Stewardship of National Forests
On Wednesday, the US Forest Service announced that it has signed 11 co-stewardship agreements with thirteen tribes as part of the agency’s commitment to protect tribal interests in the lands they value as part of their culture and history. These agreements are in response to Joint Secretarial Order 3404.
US Nonfarm Payroll Increases by 263,000 in November; Unemployment Holds Steady at 3.7%
The US Bureau of Labor Statistics today reported that total nonfarm payroll employment increased by 263,000 in November. The unemployment rate was unchanged at 3.7% and has been in a narrow range of 3.5% to 3.7% since March.
Record High for Home Delistings Set in the 12-Week Period Ending November 20th
Redfin is reporting that a record 2% of US homes for sale were delisted each week on average during the 12-weeks ending November 20th. During the same period in 2021, the delisting rate was 1.6%. The share has come down slightly since November 20th.
Employment in Canada Edged Higher in November; Unemployment Inched Lower
Statistics Canada reported today that employment in Canada was little changed in November, adding just 10,000 new positions. This follows an increase of 108,000, or 0.6%, in October. Employment increased in Quebec but declined in five provinces.
Western Forest Products Announces Temporary Lumber Production Reduction for the Remainder of 2022
Western Forest Products announced today it plans to temporarily reduce lumber production output by approximately 20 million board feet through the remainder of 2022. This to manage inventory levels to meet current market conditions.
Freight Railroad Strike Averted
The US Senate has passed legislation, 80 to 15, to avert a nationwide Class 1 freight railroad strike that was scheduled to begin at 12:01 AM on Friday, December 9th.
Construction Labor Market Experiences Further Decline in Job Openings in October
A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS) for October reveals that the construction labor market experienced a decline in job openings as the housing market continued to slow. Open construction positions fell from 423,000 in September to 371,000 in October.