The U.S. Census Bureau has announced that total construction spending during May 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,545.3 billion, -0.3% below the revised April estimate of $1,549.50 billion.
Wood Markets News
10-year Agreement on Log Supply between Forest SA and KSI Sawmills Leads to Plans for New Sawmill
Backed by a 10-year log supply agreement between ForestSA and KSI Sawmills, KSI has announced its plan to build a new $4.5 (A$) sawmill near Murray Bridge. The new sawmill will not only increase needed timber supply but also create new local jobs.
Canadian Gross Domestic Product Slips -0.3% in April
According to Statistics Canada (StatCan) real gross domestic product (GDP) contracted -0.3% in April. Ending 11 consecutive months of increases. With the first decline in 12 months, total economic activity remains about -1% below the level prior to the COVID-19 pandemic, which started in February 2020.
Pending Home Sales Jump 8.0% in May – Up 13.1% Year-Over-Year
The National Association of Realtors® (NAR) is reporting that their Pending Homes Sales Index (PHSI), which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops, increased 8.0% to a reading of 114.7 in May.
ADP Reports Private Sector Employment Increased by 692,000 Jobs in June
According to the June ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 692,000 jobs from May to June.
Mortgage Applications Drop -6.9% in the Week Ending June 25th, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending June 25th, 2021, the Market Composite Index , a measure of mortgage loan application volume decreased -6.9% on a seasonally adjusted basis from one week earlier.
Upgrades to their Monterra Lumber Facility Helps Weston Forest Increase Mill Production
As demand for lumber products rose dramatically in the summer last year, Weston Forest began looking for additional production capacity to add to their existing business.
Junnikkala Announces Plans to Build New State-of-the-Art Sawmill in Oulu Finland
Increasing demand for high-quality and sustainable timber products in the construction industry on a global scale, combined with the positive development of the sawmill industry, has provided an opportunity for Junnikkala to make 70 million Euro investment in the construction of a modern sawmill in Oulu Finland.
The Conference Board Reports Consumer Confidence Continued to Improve in June 2021
The Conference Board, a non-partisan, not-for-profit think tank, which was founded in 1916, released today (6-29-21) their Consumer Confidence Index® (CCI) for June 2021. The CCI improved further in June, following gains in each of the previous four months.
Home Prices in April Surge 14.6% Annually in New S&P CoreLogic Case-Shiller Home Price Index
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, home prices experienced a 14.6% annual gain in April 2021, up from 13.3% in March. The 10-City Composite annual increase came in at 14.4%, up from 12.9% in the previous month.