Statistics Canada (StatsCan) reported today (2-2-22) that the total value of building permits decreased -1.9% to $11.2 billion (CAD) in December. Declines were reported in both the residential and non-residential sectors. On a constant dollar basis (2012=100), the total value of building permits decreased -3.1%.
Wood Markets News
New White Paper Released on Mass Timber Construction in the UK
The RICAAuthority, an annually funded research scheme supported by 24 major United Kingdom insurers, has just released a new white paper on mass timber construction in the UK. The report, “Insurance Challenges of Massive and Mass Timber Construction,” is recommending that hybrid structures combining traditional and modern method of construction may represent the best route forward to satisfying multiple considerations including insurance risks and carbon reduction.
Residential Vacancies and Homeownership Statistics Released for Q4 2021
The national vacancy rates in Q4 2021 were 5.6% for rental housing and 0.9% for homeowner housing. The rental vacancy rate was -0.9 percentage points lower than the rate in Q4 2020 of 6.5% and not statistically different from the rate in the Q3 2021 of 5.8%. The homeowner vacancy rate of 0.9% was -0.1 percentage points lower than the rate in Q4 2020 of 1.0% and was the same as the rate in Q3 2021, 0.9%.
Mortgage Applications Increase in the Week Ending January 28, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending January 28, 2022, the Market Composite Index, a measure of mortgage loan application volume, increased 12.0% on a seasonally adjusted basis from one week earlier.
ADP Reports Private Sector Employment Experienced a Setback in January
According to the January ADP® National Employment Report™, nonfarm private sector employment decreased by -301,000 jobs from December to January. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
New Sawmill to Help Residents in the Path of the Dixie Fire Rebuild and Recover
Last summer, Indian Valley and the towns of Greenville, Taylorsville, and Crescent Mills were right in the middle of the largest single-source fires and one of the most destructive blazes in California’s history. The Dixie Fire ran flames up and down the surrounding hills and pushed, at times, onto the valley floor.
Construction Spending Up Month-Over-Month and Year-Over-Year in December 2021
On Tuesday (2-1-22), the U.S. Census Bureau reported that total construction spending during December 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,639.9 billion, 0.2% above the revised November estimate of $1,636.58 billion. The December figure is 9.0% above the December 2020 estimate of $1,504.2 billion.
Construction Job Openings Post Year-Over-Year Gains
A closer look at the construction sector portion of the Bureau of Labor Statistics’ (BLS) Job Openings and Labor Turnover (JOLTS) Summary for December, with further analysis provided by the National Association of Home Builders (NAHB), reveals that construction labor market remains constricted and the number of job openings continues to rise year-over-year.
Home Buyers Continued to Struggle as Real Estate Markets Remained Red Hot in January 2022
In a new report from Redfin, the Seattle-based, technology-powered real estate brokerage firm, homebuyers continue to struggle: 45% of homes are now selling within two weeks of being on the market. Of that number, some 35% of homes are going on contract in under a week. Both rates are the highest ever seen for this time of the year.
Real GDP in Canada Increases 0.6% in November — Now Above Pre-Pandemic Level
Statistics Canada (StatsCan) is reporting that real gross domestic product (GDP) increased 0.6% in November, following a 0.8% rise in October. Increases across almost all sectors have contributed to six consecutive months of growth. The increase brings the real GDP to 0.2% above its February 2020 level, prior to the pandemic.