A closer look at the Bureau of Labor Statistics October 2022 Producer Price Index (PPI) report reveals that the price of building materials declined 0.2% in October (not seasonally adjusted), following a 0.5% decline in September.
Wood Markets News
Canada’s Industrial Product Price Index and Raw Materials Price Index Rise in October
Statistics Canada reported today the prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 2.4% on a monthly basis in October and were 10.1% higher year-on-year.
US Leading Economic Index® Declined in October, The Conference Board Reports
The Conference Board released today (11-18-22) the Leading Economic Index® (LEI) for the US in October 2022. According to the report, the LEI declined 0.8% in October to a reading of 114.9 (2016=100), following a 0.5% drop in September and remaining unchanged in August.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in October
The National Association of Realtors® reported on Friday that total existing home sales recorded a 5.9% decline in October, reaching a seasonally adjusted rate of 4.43 million homes. This is the nineth consecutive monthly decrease.
US Housing Starts, Permits, and Completions All Lower Month-Over-Month in October
The US Census Bureau reported on Thursday that privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,425,000. This is 4.2% below the revised September estimate of 1,488,000 and 8.8% below the October 2021 rate.
Multifamily Builders’ Confidence Slips in Q3 as Economic Headwinds and Uncertainty Persist
The National Association of Home Builders today released the results of its Multifamily Market Survey (MMS) for 22Q3. According to the MMS, builders’ confidence in the market for new multifamily housing declined appreciably during the time period.
Denver’s Tallest Mass Timber Building Scheduled to Break Ground in July 2023
“Return to Form,” a new 12-story mass timber building located in Denver, is scheduled to break ground in July 2023. The mass timber will be made from Douglas Fir harvest in the Pacific Northwest and the building is being designed so that walls and ceilings are exposed wood.
30- and 15-Year Fixed Mortgage Rates Drop
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending November 17th. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.61%, down from last week when it averaged 7.08%.
US Median Rent Posts Smallest Annual Gain Since August 2021
Redfin, the real estate brokerage firm, reported on the Wednesday that in October the US median asking rent rose 7.8% year-over-year to $1,983. This is the smallest annual increase since August of 2021.
US Weekly Jobless Claims Decrease for the Week Ending November 12th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 222,000, a decrease of 4,000 from the previous week’s revised level (originally reported as 225,000). The 4-week moving average was 221,000.