The National Association of Realtors® (NAR) reported on Wednesday that its Pending Homes Sales Index (PHSI) declined 4.6% in October from September to a reading of 77.1. The PHSI has dropped for the fifth consecutive month and eleven out of the past twelve months.
Wood Markets News
Job Openings and Labor Turnover Summary Released for October
On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for October. The number of job openings edged lower to 10.3 million, or 353,000 less than in September. The rate changed little at 6.3%, but 1.0% lower than its peak in March 2022.
President Biden Asks Congress to Prevent a Nationwide Class 1 Freight Railroad Strike or Lockout
With the December 9th deadline for a US Class 1 freight railroad worker strike or operating railroads lockout rapidly approaching, and with 400 trade groups pleading for action, President Joe Biden asked Congress to pass legislation that would compel railroads and unions to adopt the new agreement.
FHFA Reports US House Prices Increased 12.4% Year-Over-Year in Q3
According to the latest Federal Housing Finance Agency (FHFA) House Price Index, US home prices rose 12.4% from 2021Q3 to 2022Q3. The FHFA’s seasonally adjusted monthly index for September 2022 was up 0.1% from August of 2022.
“T3 Collingwood” Will be One of Melbourne’s Tallest Hybrid Mass Timber Buildings
The Melbourne, Australia, suburb of Collingwood will soon be home to a hybrid timber tower. Designed by Jackson Clements Burrows (JCB), the sustainable commercial office will comprise of 15 stories, including 10 levels of timber tower.
Canadian GDP Edges Higher in September
Statistics Canada reported today that real gross domestic product (GDP) in Canada edged 0.1% higher in September. Growth was led by goods-producing industries, up 0.3%, while service-producing industries were basically flat.
S&P CoreLogic Case-Shiller US Home Price Index Continued to Decline in September
The S&P CoreLogic Case-Shiller US National Home Price NSA Index for September reported that home prices experienced a 10.6% annual gain in September. This marks the sixth consecutive monthly decline in home prices.
The Conference Board’s Consumer Confidence Index Falls Further in November
The Conference Board released today its Consumer Confidence Index® (CCI) for November. The CCI declined for the second consecutive month, after experiencing two consecutive months of growth. The Index now stands at 100.2 (1985=100), down from its October reading of 102.2.
Pacific Northwest Fir Trees Hit With Massive “Firmangeddon” Mortality Event
The Oregonian is reporting that, according to as-yet unpublished research conducted by the US Forest Service, fir trees in Oregon and Washington died in record-breaking numbers in 2022. The drought-driven “mortality event,” labeled “Firmageddon” by researchers, is the largest die-off ever recorded for fir trees in the two states.
Cree First Nation Reopens Lumber Mill, Creating New Jobs and Hoping to Address Social Issues in the Community
The Cree Community of Waswanipi has reopened a lumber mill in the hopes of attracting jobs and addressing some of the social issues in the community. The facility has been dormant since 2012 and needed an overhaul to make it operational again.