According to the National Bureau of Economic Research (NBER) the U.S. is now officially in a recession, the worst downturn since the Great Depression.
News in covid 19
Canadian Housing Starts and Completion Trend Lower in May
According to Canada Mortgage and Housing Corporation’s monthly Starts and Completion Survey for May 2020, the trend in housing starts was 196,750 units in May 2020, down from 198,644 units in April 2020.
Canfor Announces Reopening of Houston and Polar Mills in B.C.
Canfor Corporation has announced that they will be reopening their Houston B.C. sawmill facility on Monday, June 8th, ending a lengthy shutdown which began in March.
Coalition of U.S. Loggers Associations are Requesting $2.5 Billion in Direct Aid from Congress
The Carolina Loggers Association and a collation of 19 additional associations have joined with the American Loggers Council in requesting $2.5 billion from Congress to support American loggers’ directly.
Multifamily Construction Continues to Grow Faster in Lower Density Population Areas
In a deeper dive into the latest analysis of the NAHB Geography Index, single-family construction was shown to be growing at a faster pace in regions with lower population density.
Unemployment Rate Declines in May Just as Nonfarm Employment Rises Sharply
According to the Bureau of Labor Statistics (BLS) total nonfarm payroll in May rose by 2.5 million and the unemployment rate declined to 13.3%.
FEA’s Weekly Order Survey Reports Slower Paced Sales to Start June
Many dealers are reporting that better than anticipated sales for April and May, have given way to a somewhat slower pace to start June.
Weekly Jobless Claims Rise Another 1.877 Million for Week Ending May 30th
The U.S. Department of Labor is reporting that an additional 1.877 million Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 30th.
Mortgage Rates Tick Up Slightly
Freddie Mac has released its Primary Mortgage Market Survey for the week ending June 4th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.18% with an average 0.7 point.
Residential Construction Expanding Rapidly in Lower Density Markets
According to the latest NAHB Home Building Geography Index, residential construction activity is expanding at a more rapid pace in lower density markets, such as smaller cities and rural areas.