In the second quarter of 2024, the sawmill and wood preservation industry experienced a slight recovery, with the production index rising by 0.2%. This marked the first uptick in real output since the third quarter of 2023, following two consecutive quarters of decline. However, the index remains 2.2% lower than it was a year ago, reflecting the largest year-over-year drop since the fourth quarter of 2021. Despite the marginal improvement, the industry faces ongoing challenges that limit significant growth.

The Census Bureau's Quarterly Survey of Plant Capacity Utilization sheds light on the operational trends within the sector. Utilization rates, which measure actual production against full production capacity, jumped from 61.9% in the first quarter to 70.7% in the second quarter. This increase indicates a more efficient use of available resources, though it did not result in a substantial rise in production. Average plant operating hours rose from 47.9 hours per week in the first quarter to 57.7 hours in the second quarter, signaling heightened activity across the industry.

Employment within the sawmill and wood preservation sector also saw its first increase in six quarters, with the workforce growing to approximately 89,400 employees. The industry suffered significant losses during the Great Recession, when employment plummeted from 105,630 in early 2008 to a low of 80,470 by late 2009. While employment recovered to around 91,000 in 2014 and has since remained stable, the sector continues to navigate economic fluctuations and demand shifts.

Combining the production index with utilization rates reveals a nuanced picture of the industry's production capacity. While production capacity has grown since 2015, it remains below the peak levels reached in 2011. Higher utilization rates have supported elevated production levels despite constrained capacity. This trend highlights the resilience of U.S. sawmills, which continue to operate above historical efficiency levels to meet market demand.

Nonetheless, the industry struggles to fulfill domestic softwood lumber demand. Census data underscores the importance of imports in bridging this gap. In September alone, softwood lumber imports totaled 1.1 billion board feet, with Canada supplying 987 million board feet. Canadian imports face an average Antidumping/Countervailing duty rate of 14.5%, reflecting ongoing tensions over alleged subsidies provided by Canadian provincial governments. These tariffs, in place since the 2015 expiration of the softwood lumber agreement, have benefited U.S. producers by supporting expanded production capacity.

Despite these measures, the industry's output still lags behind demand, underscoring the complexities of maintaining a balance between domestic production and reliance on imports. As the sawmill and wood preservation industry navigates these challenges, its recovery and growth will depend on strategic investment in capacity expansion and continued efficiency improvements.

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Buying a home is one of the most significant financial decisions you'll make, and it comes with a host of complexities that can feel overwhelming. From down payments to hidden costs, understanding the financial landscape of homeownership is crucial. To shed light on the process, we analyzed survey data from 676 prospective and recent homebuyers to uncover key insights about the money matters behind purchasing a home.

The Down Payment

For most buyers, the down payment is the first major hurdle. Survey respondents reported putting down an average of 27% on their homes, while prospective buyers aimed for about 21%. On average, it took 4.5 years to save for this milestone. Tools like neighborhood guides and market trend analysis can help buyers set realistic savings goals by providing data on median sale prices and year-over-year price changes.

How Buyers Made It Work

Saving for a down payment requires strategy and discipline. Over half of the respondents (52%) increased contributions to their savings accounts, while 31% opened high-yield savings accounts to maximize growth. Some took on extra jobs (18%) or tapped into home-buying incentive programs (17%) to bridge the gap. Non-traditional approaches like rent-to-own agreements (33%), buying tiny homes (28%), or becoming landlords (29%) also appealed to many. Additionally, 1 in 5 buyers received financial help from family, with parents being the most common source of support.

The Hidden Costs

Even well-prepared buyers often encounter unforeseen expenses during the home-buying process. Common surprises include inspection fees, title costs, and transfer taxes. Post-purchase, remodeling costs frequently exceed expectations. "I wish I'd known how expensive plumbing is," one respondent said, reflecting on an inability to afford bathroom renovations. Another buyer suggested putting down less money to keep cash on hand for repairs, noting that mortgage interest rates are often lower than credit card rates used to cover unexpected costs.

Understanding the financial realities of buying a home can make the process smoother and less daunting. By setting realistic savings goals, exploring creative solutions, and planning for additional expenses, buyers can make informed decisions that set them up for success in their homeownership journey.

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Why Getting Preapproved by Multiple Lenders Can Strengthen Your Homebuying Journey

When buying a home, securing a mortgage preapproval is a critical step that demonstrates your seriousness as a buyer and clarifies your financial boundaries. While obtaining just one preapproval might seem sufficient, many homebuyers are discovering the advantages of getting preapproved by multiple lenders. A recent Zillow study revealed that 32% of homebuyers pursue more than one preapproval, and the benefits of doing so are compelling.

Compare Rates and Terms

The primary reason to seek multiple preapprovals is to shop around for the best mortgage rates and terms. Lenders often offer varying combinations of interest rates, closing costs, and loan structures. Some might provide lower rates with higher upfront fees, while others may waive fees but charge a slightly higher interest rate. By comparing these options, you can identify the mortgage that aligns best with your long-term financial goals.

Strengthen Negotiating Power

When you have multiple preapprovals, lenders are more motivated to offer you competitive terms. If a lender knows they're competing for your business, they may provide lower rates or additional perks to win you over. This puts you in a stronger position when negotiating your final mortgage terms, potentially saving you thousands of dollars over the life of the loan.

Diversify Lender Options

Different types of lenders—big banks, online lenders, and credit unions—each have their own advantages. By getting preapproved through a mix of these institutions, you gain insights into which lender might best suit your needs. Some buyers prefer the personalized service of a local credit union, while others are drawn to the streamlined processes of online lenders. Exploring diverse options ensures you're making an informed decision.

Leverage Incentives

Many lenders offer incentives to attract borrowers during the preapproval process. These perks might include locking in your interest rate, reducing fees, or providing other cost-saving benefits. According to Zillow, 25% of buyers who pursued multiple preapprovals did so to take advantage of such offers. Rate locks, in particular, can shield you from rising interest rates while you search for the perfect home.

Gain a Competitive Edge

In a competitive housing market, having multiple preapprovals can make your offer more attractive to sellers. Some sellers view buyers with multiple preapprovals as more reliable, knowing they have backup options should one lender withdraw their approval. Additionally, if a seller requests multiple preapprovals, you'll already have the necessary documentation in hand to meet their requirements.

Account for Financial Changes

Life events, such as a promotion, job loss, or the ability to make a larger down payment, can impact your mortgage eligibility. If your financial situation changes significantly after your initial preapproval, obtaining updated preapprovals ensures your maximum loan amount reflects your current circumstances. This can help avoid surprises later in the buying process.

Potential Downsides to Consider

While there are clear benefits to multiple preapprovals, there are some potential drawbacks. Each preapproval involves a credit check, which can slightly lower your credit score. However, credit inquiries made within a 30-day window are typically counted as a single inquiry, minimizing their impact. Additionally, preapproval letters are generally valid for only 90 days, so if your home search extends beyond that timeframe, you may need to reapply, which could lead to further credit checks.

The Bottom Line

Getting preapproved by multiple lenders can provide significant advantages, from securing better rates to enhancing your negotiating power. While it's essential to consider the impact on your credit and the validity of preapproval letters, the benefits often outweigh the drawbacks. By exploring your options and staying informed, you can approach the homebuying process with confidence and secure a mortgage that works best for your needs.

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The total number of single-family permits issued across the U.S. during the first seven months of 2024 reached 599,308, reflecting a 13.7% increase compared to the same period in 2023, when 527,158 permits were issued.

Regional Single-Family Permit Growth

From January to July 2024, single-family permit growth was observed in all four major regions:

• West: 18.2% increase
• Midwest: 14.5% increase
• South: 12.4% increase
• Northeast: 9.8% increase

This upward trend indicates a nationwide surge in single-family homebuilding, driven by strong demand and favorable conditions in most markets.

Regional Multifamily Permit Trends

The multifamily permit landscape, however, experienced mixed results. While the Northeast, boosted by growth in New York, posted a significant 32% increase in multifamily permits, other regions saw declines:

• West: 31.2% decrease
• South: 22.7% decrease
• Midwest: 9.3% decrease

Overall, the total number of multifamily permits nationwide reached 279,618, a 17.2% decrease compared to the 337,730 permits issued by July 2023.

State-Level Trends: Single-Family Permits

From July 2023 to July 2024, 47 states and the District of Columbia recorded an increase in single-family permits. The increases ranged from a high of 39.4% in Arizona to a modest 2.1% in Rhode Island. Three states experienced declines:

• New Hampshire: -0.2%
• Hawaii: -2.7%
• Alaska: -10.4%

The ten states issuing the most single-family permits accounted for 64.0% of the total. Leading the pack was Texas, with 97,551 permits, representing a 15.6% increase over the same period in 2023. Florida followed with a 9.5% increase, and North Carolina showed an 11.8% increase.

State-Level Trends: Multifamily Permits

In contrast to single-family trends, only 18 states reported growth in multifamily permits, while 32 states and the District of Columbia experienced declines. Notable changes include:

• New York: +117.4%, from 10,110 permits to 21,981
• District of Columbia: -68.7%, from 1,969 permits to 616

The ten states issuing the most multifamily permits accounted for 64.7% of the total. Texas, the leading state, saw a 30.4% decline in multifamily permits. Florida, the second-highest state, experienced a 24.4% drop, while California, the third-highest state, recorded a 27.5% decrease.

Local Trends: Top Metro Areas

While local-level data reveals the top metro areas for single-family and multifamily permits, specific rankings and permit counts offer insights into growth hotspots and areas of decline.

Key Takeaways

• Single-family permits saw substantial growth across all regions, with the West showing the largest increase at 18.2%.
• Multifamily permits faced broad declines, except in the Northeast, driven by a sharp rise in New York.
• Texas and Florida continue to lead in both single-family and multifamily permits, despite declines in the latter.

This data underscores the ongoing demand for single-family homes, while multifamily construction continues to face challenges across most states, reflecting broader shifts in the housing market.

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A vacant storefront in Mandeville, which has hosted a variety of restaurants over the past decade, will soon welcome a new tenant: Newk's Eatery. This marks the national chain's first foray into the competitive New Orleans metro dining scene.

Set to open next spring, Newk's will occupy a 5,500-square-foot corner location in The Village Shopping Center on U.S. 190, according to Rhonda Sharkawy of Stirling Properties. The restaurant will also feature a 785-square-foot patio, offering additional outdoor seating.

Founded in Oxford, Mississippi, in 2004, Newk's Eatery has expanded to over 100 locations across 13 states, serving a casual menu of salads, sandwiches, and pizza. The company's headquarters are in Jackson, Mississippi.

Newk's was previously owned by Sentinel Capital Partners but was sold in 2023 to FSC Franchise Co., the parent company of Beef O'Brady's and Brass Tap. While Newk's already has a presence in Baton Rouge, Lafayette, Shreveport, and Monroe, this Mandeville location will be its first in the New Orleans metro area.

The Mandeville site has been vacant since last year, following the closure of Felix's Restaurant and Oyster Bar, which opened in late 2019 but was unable to sustain its northshore location. The space has a history of hosting a series of dining concepts. Before Felix's, the location was home to N'Tini's, a popular Chalmette transplant that thrived in Mandeville after relocating in 2007. The space briefly became Due North by Legacy Kitchen in 2017, and prior to N'Tini's, it housed Rockafeller's Steakhouse.

With Newk's set to make its debut in Mandeville, the brand aims to bring its signature casual fare to a bustling dining market and tap into the area's growing demand for diverse dining options.

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Cao, an entrepreneur known for turning around a bowling alley on the West Bank of Jefferson Parish, is making a $2 million investment to refurbish and reopen the long-closed Tiffany Lanes on La. 22 in Mandeville. The new venture, named Paradise Alley, is set to become the second bowling alley in St. Tammany Parish, joining the existing alley in Slidell.

"I think the area is primed," said Cao, highlighting the need for more family entertainment options, as the alley has been closed for over a year.

The upgraded Paradise Alley will feature 32 lanes, with a focus on league play during weekdays and open bowling on weekends. Friday and Saturday nights may also include live music, adding a fresh twist to the traditional bowling experience. "I'd like to open sometime in September," Cao mentioned, although the timeline depends on securing necessary permits.

From Banking to Bowling: Cao's Journey

Cao, who spent 17 years in banking and also works in real estate development, is no stranger to the bowling business. In 2016, he led a $2.5 million renovation of Westside Lanes in Harvey, transforming the 20-lane alley. "I learned a lot from that," he said, noting that Paradise Alley will be nearly twice the size of his previous project.

The 35,000-square-foot building in Mandeville has been extensively renovated. "I pretty much gutted everything," Cao said, mentioning the installation of new lanes and the removal of drop-down ceilings to create a more open, inviting atmosphere.

Bowling's Evolution in the U.S. and New Orleans

The U.S. bowling industry is still bouncing back from the challenges of the pandemic, but there's a rich history in the New Orleans area. Bowling surged in popularity during the 1950s and 1960s, with iconic local alleys like Bowlarama, Sugar Bowl Lanes, and Mid-City Lanes, which later became Rock 'n' Bowl, known as much for its live music as for its bowling.

While bowling's future was questioned in the early 2000s, Cao believes it remains an attractive entertainment option — if done right. "Bowling has evolved," he explained. "You have to offer more."

Modern bowling centers now emphasize open, updated facilities with enhanced lanes, better food options, and added entertainment to draw crowds.

What to Expect at Paradise Alley

Though Paradise Alley's menu will stick to classic bowling alley favorites like pizza, burgers, and fries, Cao promises a tastier experience. "It's tough to change the mindset of what bowling alley food is," he admitted with a laugh.

Weekends will likely feature live music or a DJ, but Cao doesn't plan to keep the venue open past midnight.

As Mandeville gears up to welcome Paradise Alley, Cao is hopeful that his blend of classic fun and modern amenities will create a vibrant new gathering spot for the community.

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Second Home Areas’ Share in U.S. Housing Construction

The National Association of Home Builders (NAHB) reports that in the second quarter of 2024, second home areas accounted for 17.5% of single-family and 8.6% of multifamily construction. Recent NAHB research shows there are approximately 6.5 million second homes in the U.S., making up 4.6% of the total housing stock. For this analysis, "second home areas" are defined as counties where second homes represent more than 10.3% of the total housing stock, placing them in the top 25% of counties nationwide. A total of 788 counties fall into this category.

Single-Family Construction Trends

The market share of single-family construction in second home areas has increased by more than four percentage points over the past nine years. In the fourth quarter of 2015, second home areas had a 13.2% share of the single-family market, which rose to 17.5% by the second quarter of 2024. This figure is slightly lower than its peak of 18.3% in the first quarter of 2023.

The growth rate for single-family construction in second home areas hit its highest point in the third quarter of 2021, reaching 38.5%. The first decline in growth was recorded in the third quarter of 2022, followed by five consecutive quarters of decreases until early 2024. Between late 2015 and mid-2024, single-family construction in second home areas had an average growth rate of 9.1%, compared to 5.1% in non-second home areas.

Multifamily Construction Trends

While smaller, the multifamily market share in second home areas has also grown, rising from 5.5% in late 2015 to 8.6% in mid-2024—an increase of 3.1 percentage points. However, growth has been less consistent than in the single-family sector, with several periods of decline, including in 2017, early 2021, and the start of 2024. The most recent data shows an 11.8% drop in growth, down from a peak growth rate of 53.1% in the third quarter of 2022, indicating a slowdown in multifamily construction nationwide.

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