Following home price growth of 6.0% in 2023, a panel of housing experts forecasts annual national home price growth of 4.7% in 2024 and 3.1% in 2025, Fannie Mae reported.
Wood Markets News
US Wood Pellet Exports Increase in July
The US exported 874,596.1 metric tons of wood pellets in June, up from 739,277.2 metric tons in June and from 651,698.8 metric tons in July 2023, a Biomass Magazine review of USDA data shows.
US Mortgage Rates Unchanged in the Week Ending September 5th
The 30-year fixed-rate mortgage averaged 6.35%, unchanged from last week, Freddie Mac reported.
ADP® Reports Private Sector Employment Increased and Compensation Held Steady in August
Private sector employment increased by 99,000 jobs in August. Year-over-year, annual compensation was up 4.8%, unchanged from July.
Private Sector Job Cuts Soar in August
US-based employers announced 75,891 cuts in August, a 193% increase from the 25,885 announced in July, CG&C reported.
US Weekly Initial Jobless Claims Decline in the Week Ending August 31st
The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 5,000 from the previous week.
Canfor to Close Its Plateau and Fort St. John Sawmills in Northern British Columbia
Canfor announced that following a thorough review of operating conditions, it will be closing its Plateau and Fort St. John operations in northern British Columbia.
Canfor to Reduce Production at Southern US Operations
Canfor announced that it will reduce production at its southern US operations due to persistent weak lumber markets.
Bank of Canada Reduces Policy Rate by 25 Basis Points to 4.25%
The Bank of Canada reduced its target for the overnight rate to 4.25%, with the Bank Rate at 4.50% and the deposit rate at 4.25%. The Bank is continuing its policy of balance sheet normalization.
BC Council of Forest Industries Releases New Report: “Building for the Future”
COFI released a new report highlighting the vital role BC wood products play in ensuring the supply of cost-effective, climate-resilient building materials for affordable housing.