Fannie Mae released its Q2 Home Price Expectation Survey. Following home price growth of 6.6% in 2023, the panel forecasts annual national home price growth of 4.3% in 2024 and 3.2% in 2024.
Wood Markets News
Private Sector Job Cuts Slowed Further Month-Over-Month and Year-Over-Year in May
US-based employers announced 63,816 job cuts in May, a 1.5% decline from the 64,789 job cuts reported in April. This is also a 20.0% decline from the 80,089 job cuts announced in May 2023.
Portland, Oregon’s Waechter Architecture Has an Expanded Vision for Mass Timber Construction
Waechter Architecture (WA) has had mass timber a core part of their practice for the past decade. WA has been studying and developing projects to expand knowledge of this increasingly popular building material.
US Weekly Jobless Claims Move Higher in the Week Ending June 1st
The advance figure for seasonally adjusted initial unemployment claims made during the week ending Saturday, June 1st was 229,000, an increase of 8,000 from the previous week.
Rex Lumber, Brian Fehr Group, and Canada’s Peak Renewable BioEnergy Join Forces to Open New Plant in Dothan, AL
Dothan, Alabama, is now the home of a site dedicated to sustainable and renewable bioenergy, WTVY/News4 reported.
BC Reduces Allowable Annual Cut Level by 13.4% in Kootenay Lake Timber Supply Area
Effective immediately, the new ACC is 550,000 cubic meters, a 13.4% reduction from the previous AAC.
Home Building Geography Index for Q1 Reflects Increase in Single-Family Permit Growth While Multifamily Retreats
A lack of existing inventory and pent-up demand is fueling single-family permit growth across all tracked geographic regions in the US, NAHB reported.
Mortgage Applications Decline in the Week Ending May 31st
Mortgage loan application volume decreased 5.2% on a seasonally adjusted basis from one week earlier, MBA reported.
ADP® Reports Private Sector Employment Increased in May; Compensation Gains Steady
Private sector employment increased by 152,000 jobs in May and annual compensation gains held steady at 5.0% year-over-year, ADP reported.
Canadian Lumber Production and Shipment Data for March
In March, lumber production in Canada increased 1.0% to 4,397.3 thousand cubic meters. However, year-over-year, production was down 8.5%.