The Bureau of Labor Statistics (BLS) reported today (9-10-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.7% in August. Final demand prices rose 1.0% in July (the same as in June), 0.8% in May, 0.6% in April, 1.0% in March, and 0.5% in February.
Wood Markets News
UK Timber Import Levels Reach 14-year High in June 2021
According to the UK’s Timber Trade Federation (TTF), a surge of imported timber in June 2021 exceeded the one million m³ mark. At a total of 1.01 million m³, this brings the total volume of imports to more than 6 million m³ in the first six months of 2021 — the highest level in 14 years.
Asking Rents Increased 10.3% and Single-Family Build-to-Rent Rose 13.9% Year-Over-Year in August
According to the latest Yardi Matrix Multifamily National Report, asking rents rose 10.3% year-over-year in August. This marks the first double digit year-over-year increase in the Multifamily dataset. At the same time, overall rents have risen by $25 in August and $140 this year to date, up to a national average rent of $1,539.
Canadian Employment Grows for Third Consecutive Month in August — Unemployment Moves Lower
Statistics Canada (StatsCan) reported today (9-10-11) that employment increased by 90,000 (+0.5%) in August, marking the third consecutive monthly increase. The unemployment rate fell by -0.4% to a reading of 7.1%.
Proposed Prince Albert, Saskatchewan Timber Mill Receives Province Timber Allocation
A proposed timber mill in Prince Albert, Saskatchewan, Canada that is expected to create 700 new jobs in the area moved one step closer to becoming a reality when One Sky Forest Products OSB received its timber allocation from the province. The province did not say how much it was allocating but said the majority of the timber would be from the province…
Idaho Department of Lands Sells 21.6 Million Board Feet of Timber Damaged in Cougar Rock Fire
The Idaho Department of Lands (IDL) today (9-9-21) sold at public auction, to the highest bidder, more than 21.6 million board feet of timber damaged in the Cougar Rock Complex Fire. The Cougar Rock Complex Fire began on July 7 and consumed more than 8,100 acres.
American Wood Council Supports Mass Timber Pilot Program for Department of Defense
Following the House Armed Service Committee’s markup of the National Defense Authorization Act (NDAA), which included language to establish a pilot program to evaluate the effects of using mass timber products in Department of Defense (DOD) military construction projects, American Wood Council (AWC) President and CEO Jackson Morrill issued a statement in support.
Improving B.C. Weather Conditions Help Firefighters in Battling Over 200 Wildfires
Thus far in British Columbia’s wildfire season, a total of 1,578 blazes have been recorded. Of that number, 891 of them were believed to have sparked by lightning, while 518 were considered human-caused. The remaining 169 fires are of unknown cause. Some 866,814 hectares of land has been scorched by wildfire so far this year.
July Construction Job Openings and Labor Turnover Report Released
A closer look at the Bureau of Labor Statistics (BLS) July Job Openings and Labor Turnover Survey (JOLTS), with analysis provided by the National Association of Home Builders (NAHB) and a look specifically on the construction sector, reveals that the number of open construction jobs declined in July to 321,000 unfilled positions. Overall, hiring in the construction sector remained substantial in July, increasing to a rate of 5.2%.
CoreLogic Reports National Home Prices Increased 18% Year-Over-Year in July
According to the latest CoreLogic Home Price Index (HPI®) Report, national home prices increased 18% year-over-year in July 2021. The July 2021 HPI gain was up from July 2020’s gain of 5.3% and was the highest 12-month growth in the U.S. index since the series started in 1976.