The Index of Consumer Sentiment rose to a reading of 72.6 in July, up from 64.4 in June. This is a month-over-month increase of 12.7% and up 41.0% year-over-year (51.5 in July 2022).
Wood Markets News
BC Dockworkers Reach Tentative Agreement With BC Maritime Employers Association
Dock workers at ports along Canada’s west coast and their employers have reached a tentative wage deal, bringing an end to a 13-day strike that disrupted trade at two of Canada’s three busiest ports.
Canfor to Resume Production at Northwood Pulp Mill in BC
Canfor Pulp Products announced on Thursday that it would resume production at its Northwood Pulp Mill, located in Prince George, BC, during the week of July 17th.
US Building Materials Costs in Residential Construction Fell in June
The prices of good used in residential construction, including energy, have decreased 3.6% over the past 12-months—the largest 12-month decline since October 2009.
World’s First Date Palm Fronds MDF Plant Being Built in Egypt
Dieffenbacher has been selected to supply the world’s first plant for the production of MDF from date palm fonds to Egypt. The HDF/MDF facility is being built in the Toshka region and is scheduled to begin production in 2025.
US National Interagency Fire Center Wildfire Update for the Week Ending July 14th
As of Friday, July 14th, 23 large wildfires have burned 127,584 acres in nine states. Three large new wildfires were reported. Since January 1st, 26,625 wildfires have burned 749,994 acres across the US.
US Median Home-Sale Price Increases for the First Time in Nearly Five Months, Redfin Reports
Redfin reported that the median US home-sale price increased 1.5% year-over-year during the four weeks ending July 9th. This marks the first increase in home-sale prices in nearly five months.
Associated Builders and Contractors Backlog Indicator Held Steady in June, but Contractor Confidence Diminished
The Associated Builders and Contractors Construction Backlog Indicator held steady at 8.9 months in June. The reading is also unchanged from June 2022.
Remodeling Market Outlook Declines Slightly in Q2
The National Association of Home Builders (NAHB) and Westlake Royal Remodeling Market Index report edged slightly lower in Q2, down 2 points from Q1 to a reading of 68. However, even after the modest decrease, the RMI remains in positive territory.
Fixed Mortgage Rates Continued to Climb Higher in the Week Ending July 13th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 13th. The 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.81%. A year ago at this time, the 30-year rate averaged 5.51%.