The Fannie Mae Home Purchase Sentiment Index® increased slightly in July, as consumers’ confidence regarding their personal financial situation was largely offset by further pessimism toward homebuying conditions.
Wood Markets News
BC Dockworkers Ratify New Labor Agreement
Members of the International Longshore and Warehouse Union Canada have voted in favor of accepting a tentative agreement, according to reporting by The Candian Press.
ADMARES Group Announces Plans to Build a Smart Modular Home Plant in Waycross, Georgia
Finland’s ADMARES Group Ltd. plans to build six smart factories around the world, including one in Waycross, Georgia, according to Georgia Law News.
Chinese Companies Continue to Increase Sawn Timber Purchases via the Belarusian Universal Commodity Exchange
Between January and July, Chinese companies have increased purchases of sawn timber through the Belarusian Universal Commodity Exchange by approximately 2.5 times when compared to the same time period in 2022.
Converting Pittsburg, New Hampshire, Working Forest to Carbon Credits Risks Town’s Tax Revenue
InDepthNH is reporting that the town of Pittsburg, New Hampshire, is at risk of losing a significant source of income if logging revenue from the Connecticut Lakes Headwaters Working Forest is diverted by the current landowner, who is proposing using the land for carbon credits instead of logging.
Canadian Lumber Production Declined in May
StatCan reported that sawmill production declined 1.6% month-over-month to 4,008.9 thousand cubic meters in May.
Average Monthly Mortgage Payment Just Shy of All-Time High
Redfin reported that during the four-week period ending on July 30th, the typical US homebuyer’s monthly mortgage payment was $2,605 per month. That is up 19% year-over-year.
US National Interagency Fire Center Wildfire Update for the Week Ending August 4th
As of Friday, August 4th, 77 large wildfires have burned 449,194 acres in a dozen states. Seventeen large new wildfires were reported during the week.
US Nonfarm Payroll Increases by 187,000 in July; Unemployment Declines to 3.5%
Total nonfarm payroll employment increased by 187,000 in July. July’s increase is significantly less than the average monthly gain of 312,000 over the prior 12 months.
Canadian Employment Flat in July
Statistics Canada reported that employment in July was virtually unchanged, posting a loss of 6,000 jobs, or 0.0%. From January to July, monthly employment growth has averaged 22,000.