On Tuesday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for July were at a seasonally adjusted annual rate of 511,000 units, according to estimates. This is 12.6% below the revised June rate of 585,000.
Wood Markets News
Conifex Timber Inc. Announces Reduced Operations at Its Mackenzie, BC, Sawmill
Citing “acute transportation challenges,” Conifex Timber Inc. announced on Monday that it was reducing its operating schedule at its Mackenzie, British Columbia, sawmill facility to a one-shift basis for up to six weeks.
Södra Wood Announces Production Adjustment to Better Align Production With Customer Demand
Södra Wood announced on Monday that, while it still expects the long-term prospects for the use of sustainable building materials to remain strong, the company is now anticipating weaker demand for wood products in the short term due to increasing inflation and higher interest rates in both Europe and the US.
Multifamily, For-Rent Housing Starts Continued to Climb in Q2, Approaching 36-Year High
According to the latest quarterly US Census data, the number of multifamily, for-rent housing starts soared during Q2 2022. At 142,000 units started, Q2 was the largest quarter of rental multifamily construction since Q2 1986, or 36-years ago.
Mortgage Applications for New Single-Family Homes Decline Month-Over-Month and Year-Over-Year in July
The Mortgage Bankers Association announced on Monday the results of its Builder Application Survey (BAS) for July 2022. According to the BAS, mortgage applications in July for new home purchases declined 16.1% year-over-year. Month-over-month applications declined by 7%.
Homes Sales Drop Month-Over-Month and Year-Over-Year in July 2022
Redfin reported today that their home sales have dropped 19.3% year-over-year in July. They are now at their lowest level since the beginning of the COVID-19 pandemic when the housing market was close to a standstill. This is the largest annual decline in US home sales in more than a year.
shishalh Nation and Interfor Corp. Fortify Economic Relations and Further Reconciliation in BC
On Thursday, the shishalh Nation BC and Interfor Corporation issued a joint press release announcing that on Wednesday, August 10, 2022, they had taken another critical step in advancing their economic relationship and supporting the economic vision of the shishalh Nation.
Fannie Mae Updates 2022 and 2023 Projections for GDP and Housing
Fannie Mae (FM) on Monday updated their projection for real GDP in 2022. FM now projects that GDP will be flat at 0.0% growth on a Q4/Q4 basis. According to FM, the latest GDP reading showed an expected decline in Q2, but recent data point to a return to a modest growth in Q3.
US National Interagency Fire Center Wildfire Update for August 22, 2022: 2 New Wildfires Reported
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US has been reduced to 48 with more than 774,562 acres across 11 different states currently burning. Two large new wildfires have been reported within the past 24 hours.
State-Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs Released for July 2022
Nonfarm payroll employment increased month-over-month in 46 states and the District of Columbia in July compared to the previous month. Four states reported job losses. Nationwide nonfarm payroll increased by 528,000 jobs in July, following a gain of 398,000 job in June.