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.
Wood Markets News
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.
New Forestry Agreements With BC First Nations Will Expedite Wildfire Log Salvage Process
On Wednesday, the British Columbia government unveiled a new approach to provincial forestry agreements that will lead to faster action on harvesting areas damaged by wildfires, which in turn will provide more timber for mills and set up faster reforestation through the leadership of First Nations.
New Brunswick Investing in Forest Research and Innovation
On Wednesday, the New Brunswick provincial government reported that it was investing $600,000 (CAD) in forest research in northern New Brunswick. The forestry sector—through Groupe Savoie, AV Group, J.D. Irving, and Forest NB—also committed to matching the province’s funding.
Canadian Monthly Housing Starts Decline in October
The Canadian Mortgage and Housing Corporation reported on Wednesday that October’s standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada declined month-over-month by 11% to 267,055 units.
Builder Sentiment Declines for the Eleventh Consecutive Month in November
On Wednesday, the National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes dropped 5 points lower to a reading of 33 in November. This marks the eleventh consecutive monthly decline.