Statistics Canada (StatsCan) reported today (3-14-22) that investment in building construction increased 3.4% to $19.1 billion (CAD) in January 2022, with gains posted in all components. On a constant dollar basis (2012=100), investment in building construction increased 4.0% to $12.1 billion.
Wood Markets News
Element5 at the Forefront of a Revolutionary New Way of Building
A feature article in the London Free Press on Monday (3-14-22) highlights a St. Thomas, Ontario manufacturer at the forefront of what is becoming a revolutionary new way of building. The company is Element5. Element5 manufactures wood beams and panels used in building construction.
Federal Reserve’s “Flow of Funds” Report Posts Largest Increase on Record in Q4 2021
According to the latest edition of the Federal Reserve’s Z.1 Financial Accounts of the United States (i.e., the “Flow of Funds), in Q4 2021, the aggregate market value of all owner-occupied real estate in the United States experienced the largest quarterly increase on record.
Russia Bans Export Sales of Wood and Wood Products to “Unfriendly” Countries
According to the Ministry of Industry and Trade of Russia, Russia will ban the export of wood and wood products to countries from “unfriendly” states, including the U.S. and the EU countries, until the end of 2022. The ministry notes that the ban will ensure the needs in the domestic market for affordable raw wood.
U.S. Homeowners Experience an Equity Increase of 29.3% Year-Over-Year in Q4 2021
On Thursday (3-10-22), CoreLogic® released its Homeowner Equity Report (HER) for Q4 2021. The HER shows that U.S. homeowners with mortgages experienced a year-over-year increase in equity by 29.3%. This number represents an overall equity gain of more than $3.2 trillion.
Houses Continue to Sell at a Record Pace Just as Supply Dips to a Record Low
Redfin, the Seattle-based, technology-powered real estate firm, in its latest report (3-10-22), which covers a four-week period of home buying and selling transactions ending March 6, 2022, reported that three out of five homes that went under contract for sale found a buyer within two weeks.
Canadian Unemployment Falls to Pre-Pandemic Levels
Statistics Canada (StatsCan) reported today (3-11-22) that employment increased by 337,000 (1.8%) in February, more than offsetting losses that coincided with stricter public health measures in January. The unemployment rate dropped 1.0 percentage points to 5.5% in February 2022.
University of Michigan Preliminary Consumer Sentiment Index Declines for March 2022
The University of Michigan today (Friday 3-11-22), released its preliminary Consumer Sentiment Index (CSI) for March. The Index of Consumer Sentiment declined to a reading of 59.7 in March, down from 62.8 in February. This is a month-over-month decrease of -4.9%.
After Two Consecutive Weeks of Decline, Mortgage Rates Climb Higher in the Week Ending March 10, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 10, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.85% with an average 0.8 point, up from last week when it averaged 3.76%.
E.U. Timber Industry Trade Groups Foresee Timber Shortages Due to Russia’s Invasion of Ukraine
A meeting of the main European trade bodies for the timber industry, CEI-Bois and EOS ended with the groups recognizing that Russia’s invasion of Ukraine poses a real threat to peace and security in Europe while direct consequences on the timber business should be expected.