According to Biomass Magazine, demand for wood pellets continues to skyrocket globally. Tight supplies, the author says, are likely to spur significant investment in new production facilities around the world.
Wood Markets News
Apartment Construction in US at Highest Level in Five Decades
According to RentCafe, by the end of 2022 there is expected to be 420,000 or more new apartments built in the US. This will mark the first time since 1972 that apartment deliveries have exceeded 400,000 units.
New Listings of Homes For Sale Dropped 15% Year-Over-Year in 4-Week Period Ending August 21, 2022
Redfin reported on Thursday that in the four-week period ending August 21st, new listings of homes fell 15% year-over-year. This marks the largest annual decline since the start of the COVID-19 pandemic.
Inflation Continues to Impact Personal Income and Outlays in July
Personal income increased $47.0 billion, or 0.2%, in July. Disposable personal income increased $37.6 billion, or 0.2%, in July. Personal consumption expenditures increased $23.7 billion, or 0.1%, in July.
University of Michigan Final Consumer Sentiment Index Rises for August 2022
The University of Michigan’s Index of Consumer Sentiment increased to a reading of 58.2 in August, up from its reading of 51.5 in July. This is a month-over-month increase of 13.0% but down 17.2% year-over-year (70.3 in August 2021).
Rosboro Company Announces Temporary Production Reduction at Its Springfield, Oregon, Stud Mill
Citing soft markets for framing lumber and elevated costs for raw materials, Oregon-based Rosboro Company announced today that it was temporarily reducing production, effective immediately, at its Springfield stud lumber mill.
BEA Reports Real GDP in Q2 2022 Decreased at an Annual Rate of 0.6% In Its “Second Estimate”
The Bureau of Economic Analysis released today its “second estimate” for Q2 2022 real GDP. According to the report, GDP decreased at an annual rate of 0.6% in Q2 2022. The decline follows -1.6% in Q1 2022.
Mortgage Payments Declined for Second Consecutive Month in July
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved for the second consecutive month in July, with the national median payment applied for by applicants down to $1,844 from $1,893 in June.
Rent Prices Increased for Fifth Consecutive Quarter in Q1 2022
According to data provided by the US Census Bureau’s Survey of Market Absorption of Apartments, the multifamily sector continued to experience growth in Q1 2022. The growth is due to ongoing strong demand and low vacancy rates.
Mortgage Rates Resume Upward Trajectory in the Week Ending August 25, 2022
Freddie Mac has released its Primary Mortgage Market Survey for the week ending August 25, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.55% with an average 0.8 point, up from last week when it averaged 5.13%.