Consumer credit outstanding growth slowed to a 30-month low of 1.8% in May (SAAR). Revolving credit grew at 8.2%, but nonrevolving credit contracted 0.4%. Total consumer credit outstanding stands at $4.82 trillion (NSA).
Wood Markets News
NFIB’s Small Business Optimism Index Increases in June, But Remains Below 49-Year Average
The National Federation of Independent Business’ Small Business Optimism Index increased 1.6 points to a reading of 91.0 in June. This is the eighteenth consecutive month that the SBOI has been below the 49-year average reading of 98.
Total Value of Canadian Building Permits Increased 10.5% in May
The total monthly value of building permits in Canada increased 10.5% in May to $10.5 billion (CAD). The total monthly value of residential permits rose 8.5% to $6.8 billion.
West Fraser to Sell Its Hinton, Alberta, Unbleached Softwood Kraft Pulp Mill to Mondi Group
West Frasier has reached an agreement to sell its unbleached softwood kraft pulp mill in Hinton, Alberta, to Mondi Group plc, a global leader in packaging and paper.
Russian Timber Production Declined Between January and May
According to Rosstat and Global Wood Trade Network, Russian timber production between January and May declined by 10.1% year-over-year to 11.5 million cubic meters.
Cost of Building a Home in Canada Has Never Been Higher
According to Ontario Construction News and the Royal Bank of Canada, the cost of building a home in Canada has never been higher. Since the start of the COVID-19 pandemic in Canada, costs are up 51%.
Construction Employment Increases in June; Unemployment Ticks Up Slightly but Remains Near Record Low
Construction industry employment increased by 23,000 jobs in June. Year-over-year, employment has risen by 198,000, or 2.6%, to 7.947 million.
BC Dockworkers Strike Is Impacting Freight Rail Operations in Canada and the US
The impact of the 7,400 members of the International Longshore & Warehouse Union, which have been on strike since July 1st, are now reverberating through the supply chain and into the railroads.
Fannie Mae’s Home Purchase Sentiment Index Increases Slightly in June
The Fannie Mae Home Purchase Sentiment Index® increased by 0.4 points to a reading of 66.0 in June, as challenging supply and affordability conditions continue to weigh on the housing market.
Construction Sector Employment Increases in May
The construction labor market experienced an increase in job openings in May, following a downward revision to April’s estimate.