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.
Wood Markets News
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.
U.S. Wood Pellet Exports Increase Month-Over-Month & Year-Over-Year in July 2021
The United States Department of Agriculture (USDA) Foreign Agricultures Service reported on Thursday (9-2-21) that the U.S. exported 646,494.1 metric tons of wood pellets in July, up from both 603,752.2 metric tons in June and 643,727.5 metric tons in July 2020. The U.S. exported wood pellets to approximately 17 countries in July.
Declining Lumber Prices Cause Canada’s Trade Surplus to Shrink in July
Statistics Canada (StatsCan) is reporting that in July, Canada’s merchandise imports rose 4.2% and exports increased 0.6%. As a result, Canada’s merchandise trade surplus narrowed from $2.6 billion in June to $778 million (CAD) in July. In real (or volume) terms, total imports rose 1.9% in July, while exports edged down 0.3%.
Nonfarm Payroll Employment Up — Unemployment Declines to 5.2% in August 2021
The U.S. Bureau of Labor Statistics (BLS) is reporting today (9-3-21) that total nonfarm payroll employment increased by 235,000 in August, following a revised 1.1 million in July, and a revised 962,000 increase in June. Nonfarm payroll employment has increased by 17.0 million since April 2020 but is down by -5.3 million, or -3.5%, from its pre-pandemic level in February 2020.
Total Private Residential Construction Spending Up 27% Year-Over-Year in July 2021
A closer look at the U.S. Census Bureau’s July Construction Spending data, with further analysis provided by the National Association of Home Builders (NAHB), reveals that total private residential construction spending rose 0.5% in July to a SAAR of $773.0 billion. Year-over-year total private residential construction spending was 27% higher.
Hancock Natural Resources Group Closes Transaction on 300,000+ Acres of Pine Timberland in Texas
Hancock Natural Resource Group (HNRG), a Manulife Investment Management Company, a global wealth and asset management segment of Manulife Financial Corporation, announced today (9-2-21) the closing of a transaction on behalf of its client, AP3, with TexMark Timber Treasury L.P. (Triple T), a joint venture managed by CatchMark Timber Trust, Inc.
Stora Enos Joins Build-in-Wood Consortium
The Build-in-Wood project Consortium, which consists of 21 partners from 11 different countries, covering the entire wood value chain from factory to final construction, announced on Tuesday (8-31-21) that Stora Enso, a leading provider of sustainable wood-based solutions for the construction industry, was joining the Build-in-Wood Consortium.
Canadian Total Value of Building Permits Drop -3.9% in July
Statistics Canada (StatsCan) is reporting that the total value of building permits in Canada decreased 3.9% to $9.9 billion (CAD) in July. All provinces except British Columbia and Newfoundland and Labrador posted lower values, with the majority of the national decline reported in Alberta (-23.4%). Building permits fell -3.1% in the residential sector and -5.6% in the non-residential sector.