According to the recently released U.S. Census Bureau Housing Vacancy Survey (HVS), the U.S. housing and vacancy rate. The HVS reports that both rental and homeowner vacancy rates decreased between 2009 and 2019. The onset of the pandemic further tightened supplies.
Wood Markets News
University of Michigan Preliminary Consumer Sentiment Index Released for May 2022; Erases April’s Gains
The University of Michigan today (5-13-22) released its preliminary Consumer Sentiment Index (CSI) for May. The Index of Consumer Sentiment dropped to a reading of 59.1, down from April’s reading of 65.2; this is a month-over-month decrease of -9.4% and down -28.7% year-over-year (82.9 in May 2021).
Producer Price Index for Final Demand Edges 0.5% Higher in April 2022
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.5% in April. On an unadjusted basis, final demand prices moved up 11.0% for the 12 months ending in April.
New Zealand’s Timber Export Trade Potentially Disrupted by Russia’s Invasion of Ukraine
Amid sanctions, Russia is looking to expand its export of timber to non-sanctioning countries. Two of those non-sanctioning countries, China and Vietnam, are currently significant volume purchasers of New Zealand timber.
U.S. National Interagency Fire Center Wildfire Releases Update for May 12, 2022
The NIFC is reporting that no large new fires were reported yesterday. Nationally, nine uncontained large fires have burned 328,189 acres. More than 4,200 wildland firefighters and support personnel are assigned to incidents in the Southwest and Southern areas.
Mortgage Rates: 30-Year Climbs Higher but 15-Year Edges Lower in the Week Ending May 12, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 12, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.9 point, up from last week when it averaged 5.27%.
Weekly Jobless Claims Move Lower in the Week Ending May 7, 2022
An additional 203,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 7, 2022. This is an increase of 1,000 from the previous week’s revised level. The 4-week moving average was 192,750.
War in Ukraine Sending Shockwaves Through Australian Construction Sector
Australia’s construction sector was struggling with labor shortages, supply chain issues, and inflation prior Russia’s invasion of Ukraine. However, the military conflict is adding yet another layer of complexity and turbulence to building efforts in the country. Last year, Australia imported $80 million worth of wood products from Russia.
Guy C. Lee Building Materials Purchases E.W. Godwin’s Sons Lumber Company
Smithfield, North Carolina-based Guy C. Lee Building Materials has announced that it has purchased all of the assets of E.W. Godwin’s Sons Lumber Company, one of Wilmington, North Carolina’s oldest family-owned businesses. The purchase will provide Guy C. Lees the ability to fully integrate into the Wilmington market.
Weaker Demand for Home Construction Loans Reported in Q1 of 2022
The Federal Reserve Board’s Senior Loan Officer Opinion Survey for Q1 of 2022, with further analysis provided by the National Association of Home Builders, reveals that Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate loans.