The US Census Bureau reported on Tuesday that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,446,000. This is 9.6% below the revised June estimate of 1,599,000 and is 8.1% below the July 2021 rate of 1,573,000.
Wood Markets News
Forestry-Related Spending Totals $5 Billion in the Inflation Reduction Act
The Inflation Reduction Act, signed into law by President Biden on Tuesday, includes $5.0 billion for forestry—including forest management, planning, and restoration activities for federal and nonfederal forests—according to a summary by the Congressional Research Service.
Canadian Housing Starts Trend Higher in July 2022
The Canadian Mortgage and Housing Corporation announced on Tuesday its trend in housing starts for July 2022. The trend in housing starts in July was 264,426 units, up from 257,862 units in June.
CP Railway, Gaining CFIUS Regulatory Clearance, Clears Another Hurdle in Completing Its Combination With the KCS Railroad
The Canadian Pacific Railway Ltd. (CP) announced that it has received the required regulatory clearance from the Committee on Foreign Investment in the United States for the proposed combination of CP and the Kansas City Southern Railroad.
Canadian Home Sales Drop for Fifth Consecutive Month in July
The Canadian Real Estate Association reported that home sales recorded over the Canadian MLS® System decreased from June to July 2022 by 5.3%. This marks the fifth consecutive months of declines, but CREA notes it is smallest drop of the past five months.
Canadian Consumer Prices Index Rise 7.6% Year-Over-Year in July—Seventh Consecutive Monthly Increase
Statistics Canada reported today that Canadian Consumer Prices Index rose 7.6% on a year-over-year basis in July, down from an 8.1% gain in June. Most of the decline was the result of a slower year-over-year increase in gasoline pricing.
Shares of Mortgage Loans in Forbearance Continued to Fall in July but 370,000 Homeowners Remain
According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased by 7 basis points, from 0.81% of servicers’ portfolio volume in the prior month to 0.74% as of July 31.
CP Railway Reaches New Two-Year Collective Agreement With Teamsters of Canada Rail Conference
The Canadian Pacific Railway Ltd. (CP) today announced that it has reached a new two-year collective agreement with the Teamsters of Canada Rail Conference (TCRC), which represents 3,000 CP employees.
Manufacturing Sales in Canada Decline 0.8% in June
Statistics Canada reported on Monday that manufacturing sales in Canada fell 0.8% to $71.8 billion (CAD) in June. This follows a 1.1% decline in May. Lower sales were reported in 8 of 21 industries.
US National Interagency Fire Center Wildfire Update for August 14, 2022: 1 New Wildfire Reported
The US National Interagency Fire Center reported on Sunday that the total number of large wildfires and complexes currently burning in the US has been reduced to 52, with more than 1.4 million acres across 16 different states currently burning.