Private residential construction spending declined 0.3% in August, the Census Bureau and NAHB reported.
Wood Markets News
US Construction Spending Declines 0.1% in August
Total construction spending in August was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1% below the revised July rate.
US Construction Sector Employment Improves in August
The number of open construction sector jobs rebounded from a revised, soft reading of 232,000 in July to 370,000 in August, BLS and NAHB reported.
US Job Openings and Labor Turnover Summary for August
As of the last business day in August, the number of job openings was 8.0 million. Year-over-year, the measure was down 1.3 million.
Brazilian Exports of Wood-Based Products Drop in August Due to Shipping Issues
The value Brazilian exports of wood-based products (except pulp and paper) decreased 10.8% in August. On a monthly basis, exports declined 21% due to shipping difficulties.
US Starter-Home Affordability Improves Year-Over-Year for the First Time Since August 2020
Redfin reported that US homebuyers need to earn $76,995 per year to afford the median priced starter home (with a value of $250,000).
CSX and Norfolk Southern Railway Working to Restore Service After Hurricane Helene
CSX and NS crews were working around the clock this past weekend to recover and restore service following the devastating impact of Hurricane Helene, Progressive Railroading reported.
US Existing Homes Changing Hands at the Lowest Rate in Decades
Redfin reported that just 25 out of every 1,000 US homes changed hands during the first 8-months of the year, the lowest turnover rate in decades.
University of Pennsylvania Dedicates New Mass Timber Building
Philadelphia, Pennsylvania’s newest and tallest mass timber building at the University of Pennsylvania was officially dedicated on Friday, Wood Central reported.
US National Interagency Fire Center Wildfire Update as of September 30th
30 large active wildfires are being managed with full suppression strategies nationwide. Current wildfires have burned 1,580,407 acres.