The University of Michigan today (6-11-21) released its preliminary Index of Consumer Sentiment (ICS) for June. Month-over-month the ICS rose 4.2% from 82.9% in May to 86.4% in June. When compared to June 2020, the ICS increased 10.6% or 78.1% to 86.4%.
Wood Markets News
Fire Season Starts Early in Northeast Oregon
With fire conditions and behaviors typically seen in mid-to-late July currently taking place, forest managers in northeast Oregon are declaring an early start to the 2021 fire season. The announcement was made on Tuesday (6-8-21), as Oregon Department of Forestry firefighters worked to contain two wildfires ignited by lighting in the region.
Canadian Total Investment in Building Construction Increases 6.3% in April
Statistics Canada (StatsCan) is reporting that total investment in building construction increased 6.3% to $19.9 billion (CAD) in April. Residential construction investment continues to lead the way, rising for the 12th consecutive month.
Consumer Price Index for All Urban Consumers Increases 0.6% in May, 5.0% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) announced on Thursday (6-10-21) the Consumer Price Index for all Urban Consumers (CI-U) increased 0.6% in May, on a seasonally adjusted basis, after rising 0.8% in April. Over the last 12 months, the all items index increased 5.0% before seasonal adjustment.
Weekly Jobless Claims Drop in the Week Ending June 5, 2021
The U.S. Department of Labor is reporting that an additional 376,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, June 5, 2021 — a decrease of 9,000 from the previous week’s unrevised level.
Mortgage Rates Trend Lower in the Week Ending June 10, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 10, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.96% with an average 0.7 point, down from last week when it averaged 2.99% percent.
LP Begins Conversion of Houlton, Maine Mill to Produce Siding & Trim Products
Louisiana-Pacific Corp (LP) announced that on Tuesday (6-8-21), it had broken ground on a $150 million conversion project at their mill in New Limerick, Maine (commonly known as LP Houlton) to turn out the LP siding and trim products.
U.S. Wood Pellet Exports Top 635,000 Metric Tons in April
According to data released on June 8, 2021 by United States Department of Agriculture’s (USDA) Foreign Agricultural Service, the U.S. exported 635,463.4 metric tons of wood pellets in April. This is down from 667,309 metric tons in March, but up from 595,166.2 metric tons in April 2020.
Construction Shift to Suburbs Continued in Q1 2021
According to the latest National Association of Home Builders’ (NAHB) Home Building Geography Index (HBGI), the trend that started in Q2 2020, in response to COVID-19 pandemic, of single-famil home building shifting to lower-density and low-cost markets continued unabated through Q1 2021. The suburban shift, however, has been even more pronounced in the multifamily sector, which is experiencing growth in 2021 after a slight decline in 2020.
Open Construction Job Positions Near 2-year High in April
A closer examination of The U.S. Bureau of Labor Statistics (BLS) Job Opening and Labor Turnover Survey (JOLTS) for April 2021, with additional analysis provided by the National Association of Home Builders (NAHB), reveals that the count of open construction jobs increased in April to 357,000 unfilled positions.