The National Federation of Independent Business (NFIB), one of the largest small business associations in the US, reported today (12-14-21) that their NFIB Small Business Optimism Index dropped -0.2 points to a reading of 98.4 in November. Four of the 10 components improved, while 4 declined and 2 remained unchanged. The NFIB Uncertainty Index dropped -4 points to a reading of 63.
Wood Markets News
Greenlam Industries to Enter Plywood and Particleboard Business and Expand with Third Laminate Plant
Greenlam Industries, Asia’s largest laminate manufacturing company, announced today (12-13-21) that is planning on investing Rs 959 crore over the next 2–3 years to set up a third laminate plant. It will also venture into the plywood and particleboard business. The company says the expansion will help move the company from being a decorative surfacing manufacturer to a leading player in the wood panel industry.
“Canada’s Earth Tower” in Vancouver a Hybrid Building Construction Game Changer
While it is still awaiting neighborhood planning approval and complete design refinements, Canada’s Earth Tower, a proposed 40-story hybrid wood tower in Vancouver, B.C. by the Delta Land Development in collaboration with architectural firm Perkins+Will, has city residents “quite enthusiastic about the project,” especially for its low-carbon and high-performance qualities.
Federal Reserve’s “Flow of Funds” Reports Largest Post-Great Recession Quarterly Increase in Q3 2021
According to the latest from the Federal Reserve’s Z.1 Financial Accounts of the United States, i.e., the “Flow of Funds”, the aggregate value of all home mortgages of households and nonprofit organizations in the United States in the Q3 of 2021 registered the largest post-Great Recession numerical quarterly increase. From $11.3 trillion in Q2 of 2021, household liabilities rose by $230 billion to $11.5 trillion.
Mortgage Lending Experiences Second Consecutive Quarterly Decline
ATTOM’s Q3 2021 U.S. Residential Property Mortgage Origination Report reveals that 59 million mortgages secured by residential properties were developed in Q3. Those figures were up 3% from Q3 of 2020, but down -8% from the Q2 of 2021. This amounted to the largest quarterly decline in over a year.
Shareholders of Canadian Pacific Railway & Kansas City Southern Railroad Approve Proposed Combination
Today (12-10-21), the Canadian Pacific Railway Ltd. (CP) moved one step closer in completing their proposed combination with the Kansas City Southern Railroad (KCS), welcoming the results of a vote by KCS stockholders in strong support of the proposed CP-KCS combination. CP shareholders voted in favor of the combination during a special meeting on Wednesday, December 8, 2021.
Median Home Prices Hit Record Highs; Active Home Listings Hit Record Lows
Redfin, the Seattle-based, technology-powered real estate company, reported that the median home-sale price in the four-week period ending December 5, 2021 hit a new all-time record high of $360,250 — up 14% year-over-year and up 30% for the same period of time in 2019. At the same time, new listings of homes for sale were down -7% year-over-year but up 11% from 2019.
Mortgage Credit Availability Declines in November
According to the latest Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI), which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, mortgage credit availability declined in November. The MCAI fell by -0.6% in November to a reading of 124.9. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit.
University of Michigan Preliminary Consumer Sentiment Index Increases for December
The University of Michigan today (Friday 12-10-21) released its preliminary Consumer Sentiment Index (CSI) for December. The CSI increased to a reading of 70.4 in December, up from 67.4 in November. This is a month-over-month increase of 4.5%, but it is down -12.8% year-over-year (80.7 in December 2020). The Current Economic Conditions increased to a reading of 74.6 in December, up from 73.6 in November.
Consumer Price Index Increases 0.8% in November, Rises 6.8% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Friday (12-10-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8% in November on a seasonally adjusted basis after rising 0.9% in October. Over the past 12-months, the all-item index has increased 6.8% before seasonal adjustment. The largest 12-month increase since the period ending June 1982.