Rental units accounted for 94% of all multifamily starts in Q1, NAHB reported.
Wood Markets News
Canadian Employment Insurance Benefits Hold Steady in March
The number of Canadians receiving regular Employment Insurance (EI) benefits held steady in March, rising 0.3%.
Homanit Plans to Build Its First US Manufacturing Facility in Alcolu, SC
Germany’s Homanit plans to build its first US manufacturing facility near Alcolu, South Carolina, according to the South Carolina Daily Gazette.
US Existing-Home Sales Decline 0.5% in April
Existing-home sales fell 0.5% in April to a seasonally adjusted annual rate of 4.00 million, NAR reported.
Canadian Industrial Product and Raw Materials Price Indices Decline in April
Softwood lumber prices were down 11.1%, marking the sharpest month-over-month decrease since June 2022.
Stora Enso Sells 12.4% of Its Swedish Forest Holdings
Stora Enso has entered into an agreement to divest approximately 175,000 hectares for an enterprise value of EUR 900 million.
US Mortgage Rates Creep Higher in the Week Ending May 22
The 30-year fixed-rate mortgage averaged 6.86%, up from last week when it averaged 6.81%, Freddie Mac reported.
US Housing Affordability Challenges Persist Despite Lower Home Prices and Income Gains
Americans continue to face significant housing affordability challenges, despite solid income growth and modest declines in home prices, NAHB reported.
US Weekly Initial Jobless Claims Unchanged in the Week Ending May 17
The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 2,000 from the previous week’s unrevised total.
Weyerhaeuser to Sell Its Princeton, BC, Lumber Mill to Gorman Group
Weyerhaeuser Company has reached an agreement to sell its lumber mill in Princeton, British Columbia, to the Gorman Group, owners of Gorman Bros. Lumber Ltd.