The U.S. Bureau of Labor Statistics (BLS) today (9-8-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for July 2021. According to the JOLTS report, as of the last business day in July, the number and rate of job openings was at a series record high of 10.9 million, or +749,000. The job openings rate increased to 6.9%.
Wood Markets News
78 Large Wildfires Continue to Burn in the Western US — Only 2 are Contained
The National Interagency Fire Center reported today (9-7-21) that there are 78 large fires or complexes currently burning in the U.S. Those wildfires have burned more than 1.9 million acres in 10 states. That is up one from Monday’s report.
Residential Construction Continues its Shift Towards the Suburbs and Lower-Cost Market in Q2 2021
According to the latest National Association of Home Builders (NAHB) Home Building Geography Index (HBGI), in Q2 of 2021 residential construction continued its shift towards the suburbs and lower-cost markets, and this trend is particularly evident within the multifamily sector.
Price per Square Foot of New Custom Single-Family Homes Increased 8% in 2020
According to the National Association of Home Builder’s analysis of the latest Survey of Construction (SOC) data, which comes from interviews of builders and owners of selected new houses, the median square foot price in a new custom single-family detached (SFD) homes started in 2020 increased 8%. Excluding ‘soaring’ improved lot values, the average SFD increased 4%.
Brazilian Exports of Wood-Based Products Increased 74% Year-Over-Year in July 2021
According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products (except pulp and paper) increased 74% in value year-over-year from US$269.7 million in July 2020 to US$468.9 million in July 2021. Pine sawnwood exports grew 51% in value between July 2020 (US$48.9 million) and July 2021 (US$73.7 million).
Smith Leonard Residential Furniture Sales Increase 7% Year-Over-Year in June
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported that June 2021 sales were 7% higher year-over-year. In the survey report, Smith Leonard points out that the results of their monthly survey of residential furniture manufacturers and distributors have shown significant swings when comparing to the previous year’s monthly results.
Residential Construction Employment Increased in August 2021
A closer look at the U.S. Bureau of Labor Statistics (BLS) total nonfarm payroll report for August 2021, with a focus on construction employment and analysis provided by the National Association of Home Builders (NAHB), reveals that residential construction employment rose by 17,400 in August, while non-residential construction lost -20,300 positions, reflecting declines in builders (-2,800), nonresidential specialty trade contractors (-9,200), and heavy and civil engineering construction (-8,300).
Canadian Confidence Index Dips for Third Consecutive Week
According to the latest Bloomberg Nanos Canadian Confidence Index (CCI), consumer confidence declined for the third week in a row — a reflection of the ongoing concern about a softening economic outlook. The CCI fell 1 point to a reading of 61.6 last week. This is the lowest level since March of this year.
More Homes Available For Sale in August
Realtor.com’s Monthly Housing Report for August 2021 reveals that inventory and new listings improved during the month. There were 432,000 newly listed homes hitting the market during the month of August, an increase of 4.3% in inventory year-over-year. U.S. housing inventory has declined 25.8% year-over-year in August to close out Q3 of 2021, an improvement over last month’s decline of 33.5%.
UK Continues to Struggle with Higher Prices and Shortages of Lumber, Panels, and Building Materials
According to the latest data provided by the UK’s Department for Business, Energy and Industrial Strategy (BEIS), the price of imported sawn or planed wood jumped more than 20% between June and July. The price of some imported timber has jumped 23% in just one month’s time. According to the BEIS, building materials are currently 64% higher than they were in July 2020.