The Bloomberg Nanos Canadian Confidence Index, which is a composite measure of financial health and economic expectations, reached a reading of 53.3 last week.
Wood Markets News
U.S. Commerce Department Announces Increased Import Duties on 21 Chinese Exporters and Producers of Hardwood Flooring and Plywood
In an article in Floor Daily dated December 7th 2020, The Decorative Hardwood Association (DHA) is reporting that the U.S. Department of Commerce has completed its review of hardwood plywood antidumping and countervailing duty (AD/CVD) rates requested by the DHA of 21 Chinese exporters and producers.
Milwaukee Wisconsin’s World’s Tallest Timber Skyscraper Taking Shape
Milwaukee, Wisconsin is soon to be home of the world’s tallest timber skyscraper. What is special about the Milwaukee project is its height. When the high-end apartment complex opens in 2022, it will top the height of the world’s current tallest wood structure that is now in Norway.
Share of Custom-Built Homes Increased in 2019
According to the U.S. Census Bureau’s Survey of Construction (SOC), the share of custom-built homes increased to 20.2%, or one fifth of all single-family starts in 2019. The custom home market is made of both contractor-built or owner- built houses, which are built one at a time for owner occupancy on the owner’s land with either the owner or builder acting as the general contractor.
Year-Over-Year U.S. Median Home Prices Increased 16% with New Listings Up 9%
According to Redfin (www.redfin.com) the Seattle-based technology powered real estate brokerage firm, the median U.S. home price increased 16% year-over-year (November 2019 – November 2020) to $ 322,828, the highest level currently on record.
Construction Sector Employment Increases at a Slower Pace in November
A closer look at the U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll employment report, which was released on Friday (12/4), with a specific focus on construction reveals that employment in the overall construction sector increased by 27,000 in November, after a revised increase of 72,000 jobs in October.
Canadian Employment Increases in November as Unemployment Declines
Statistics Canada is reporting today (12/4) that employment in Canada increased by 62,000 (+0.3%) in November, following an increase of 84,000 (+0.5%) in October. From May to September employment in Canada grew by an average of 2.7% per month.
More than a Third of All New-Construction Homes Purchased in October Had Yet to Begin Construction
In a recent Zillow Research article, it was being reported that 38.5% of new-construction homes purchased in October 2020 had yet to begin construction. That is 10% higher than October 2019 and the highest level since 2005.
Federal Housing Finance Agency Extends Moratorium on Foreclosures to January 31st, 2021
The Federal Housing Finance Agency (FHFA) has announced that it has extended its moratorium on single-family home foreclosures and real estate-owned evictions until January 31st, 2021 at the earliest.
Nonfarm Payrolls Increases in November as Unemployment Rates Decline
The U.S. Bureau of Labor Statistics (BLS) reported on Friday (12/4) that total nonfarm payroll employment rose in November by 245,000. In November, the unemployment rate edged lower to 6.7%.