The National Association of Home Builders/Westlake Royal Remodeling Index (RMI) posted a reading of 77 in 2022Q3. That is a year-over-year decline (2021Q3) of 10 points. An overall RMI of 77 points to positive remodeler sentiment.
Wood Markets News
Consumer Price Index Increases 0.4% in September; All-Item Index Up 8.2% Year-Over-Year
The US Bureau of Labor Statistics reported on Thursday that the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in September on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 8.2% before seasonal adjustment.
Royal Park Canvas Hotel, the First Hybrid Timber High-Rise Hotel in Japan, Opens in Downtown Sapporo
The Royal Park Canvas Hotel, located in downtown Sapporo on the island of Hokkaido, Japan, has recently been completed. The 11-story hybrid timber hotel was created by Mitsubishi Jisho Design for the real estate firm Mitsubishi Estate Group.
Rent Growth Slows for Fourth Consecutive Month in September—Slowest Rate Since August 2021
Redfin reported today that the median US asking rent rose 9% year-over-year in September to $2,002 per month, the slowest growth since August 2021 and the first single-digit increase in a year. September was the fourth consecutive month in which annual rent growth decelerated.
Mortgage Rates Climb Higher in the Week Ending October 13th
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 13th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.92% with an average 0.8 point, up from last week when it averaged 6.66%.
US Weekly Jobless Claims Increase for the Week Ending October 8th
The US Department of Labor is reporting that, seasonally adjusted, an additional 228,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 8th. This is an increase of 9,000 from the previous week’s unrevised level of 219,000.
Paper Excellence Announces Indefinite Curtailment of Production at Its Catalyst Crofton, BC, Paper Plant
Citing weakening paper markets in China as well as substantial increases in price for chemicals, energy, and wood fiber used at its Catalyst Crofton, BC, facility, Paper Excellence announced the indefinite curtailment of its paper operations at the site effective in early December 2022.
Fannie Mae’s Economic and Strategic Research Group Releases Its Economic Commentary for October
Fannie Mae’s Economic and Strategic Research (ESR) Group today released its October 2022 commentary. According to the ESR, the combination of high inflation, monetary policy tightening, and a slowing in the housing market is still projected to tip the economy into a modest recession in 2023Q1.
Associate Builder and Contractors Backlog Indicator Increases to 9 Months in September
The Associated Builder and Contractors reported on Tuesday that its Construction Backlog Indicator increased to 9.0 months in September. This figure is based on a survey conducted between September 20th and October 5th. Year-over-year the reading is 1.4 months higher than in September 2021.
Producer Price Index for Final Demand Up 0.4% in September
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.4% in September. On an unadjusted basis, final demand prices advanced 8.5% for the 12 months ending in September.