The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) reports that builder confidence in the market for newly built single-family home was unchanged in May from April’s reading of 83. Builder confidence topped at a level of 90 in November 2020.
Wood Markets News
USDA and Dept. of the Interior Expect 2021 to be the Most Intense Wildfire Year in Recent History
The U.S. Department of Agriculture (USDA) and the U.S. Department of the Interior are gearing up for what they expect to be one of the most intense wildfire years in recent history. In a press call on Thursday (5-13-21), Secretary of the Interior Deb Haaland said, “May is wildfire awareness month, but these days, it seems as if the fire season is the entire year.”
Oregon Senators Announce $1.6 Million in Federal Funds to Support Mass Wood Production
U.S. Senators Jeff Merkley and Ron Wyden (both from Oregon) have announced that over $1.6 million in federal funds that will support mass wood products production and affordable housing construction are on their way to Oregon through a program Merkley spearheaded back in 2018.
New Home Listings Increase but Housing Shortage Continues
According to HouseCanary, the San Francisco based, valuation-focused real estate brokerage which provides software and service to the real estate marketplace, latest data indicates that the housing shortage could linger for a while. However, there might be hope on the horizon.
Construction Input Prices Increased 19.2% Year-Over-Year, 1.3% For April
Analysis of the U.S. Bureau of Labor Statistics (BLS) of April’s Producer Price Index data provided by Associated Builders and Contractors (ABC) reveal that construction input prices increased 1.3% in April 2021, when compared those of March 2021. Nonresidential construction input prices increased 1.6% in April.
Index of Consumer Sentiment in May Drops -6.2% Month-Over-Month, Rises 14.5% Year-Over-Year
The University of Michigan released today (5-14-21) its preliminary Index of Consumer Sentiment (ICS) for May 2021. Month-over-month the ICS declined -6.2% from 88.3 in April to 82.8 in May. When compared to May 2020, the ICS increased 14.5% from May 2020 reading of 72.3.
EACOM Timber Corporation Announces $7.7 Million Investment at their Matagami, Quebec Sawmill
EACOM Timber Corporation has announced that they are making an investment of $7.7 million (CAD) to equip their Matagami, Quebec sawmill with a new state-of-the-art continuous kiln (CDK). The CDK will allow lumber to be dried 24-hours a day without interruption at the facility.
Russian Government Confirms Log Ban Will Start in 2022
According to Russian Deputy Prime Minister Yuri Trutnev, the Russian government is not considering lifting the ban on the export of logs, which is scheduled to go into effect in 2022.
Confirmed COVID-19 Cases Temporarily Shuts Down EACOM Timber’s Timmins, Ontario Sawmill
EACOM Timber Corporation has announced that it has temporarily shut down its Timmins, Ontario, Canada sawmill operations after COVID-19 cases were confirmed at the site. According to Biliana Necheva, EACOM public relations senior advisor, there have been four confirmed cases among the 132 employees at the Timmins site.
30-Year Mortgage Rate Drops to 2.94% in the Week Ending May 13, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 6, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 2.94% with an average 0.7 point, down from last week when it averaged 2.96% percent. A year ago, at this time, the 30-year FRM averaged 3.28%.