According to the Bureau of Economic Analysis (BEA), with analysis provided by the National Association of Home Builders (NAHB), real gross domestic product (GDP) increased in all 50 states and the District of Columbian in Q2 of 2021, when compared with Q1 of 2021. The increases in real GDP ranged from 9.7% in Nevada to 1.8% in Alaska.
Wood Markets News
Construction Spending in August Up 8.9% Year-Over-Year — Virtually Unchanged Month-Over-Month
The U.S. Census Bureau has announced that total construction spending during August 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,584.1 billion, virtually unchanged from the revised July estimate of $1,584.0 billion. The August figure is 8.9% above the August 2020 estimate of $1,455.0 billion.
U.S. and Vietnam Reach Agreement Over Illegally Harvested and Traded Timber
The Office of the U.S. Trade Representative (USTR) said in an emailed statement on Friday (10-1-21) that the U.S. and Vietnam have reached an agreement over illegally harvested and traded timber that will see Vietnam avert punitive tariffs in the process.
Canadian GDP Edges Lower in July 2021
Statistics Canada (StatsCan) reported today (10-1-21) the real gross domestic product (GDP) in Canada edged lower -0.1% in July. This follows a 0.6% increase in June. Total economic activity in July was approximately -2% below the pre-pandemic level of February 2020.
University of Michigan Final Consumer Sentiment Index Increases for September 2021
The University of Michigan today (Friday 10-1-21), released its Final Consumer Sentiment Index (CSI) for September. The Index of Consumer Sentiment increased to a reading of 72.8 in September, up from 70.3 in August — a month-over-month increase +3.6% but -9.5% decrease year-over-year (80.4 in September 2020).
Personal Income and Outlay Both Increased in August 2021
The U.S. Bureau of Economic Analysis (BEA) reported on Friday (10-1-21) that according to their estimates, personal income (PI) increased $35.5 billion, or 0.2%, in August. Disposable personal income (DPI) increased $18.9 billion, or 0.1%, in August.
EACOM Timber to Invest $10 million to Upgrade Housing at Gogama Mill
Recognizing that workers in remote areas live a large portion of the year on the sawmill’s site, EACOM Timber company has announced its intention to invest $10 million (CAD) to replace the Gogama sawmill’s aging housing facilities.
Mortgage Rates Climb Above 3% in the Week Ending September 30, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 30, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.01% with an average 0.7 point, up from last week when it averaged 2.88%. A year ago, at this time, the 30-year FRM averaged 2.88%.
Lumber Shortages Threaten to Derail Australia’s Home Building Boom
Australia is facing a lumber shortage, similar to the one that negatively impacted home building in North American earlier this year. According to a report from the Master Builders Australia and Australian Forest Products Association (AFPA), the Land Down Under could be facing a deficit of 250,000 wooden house frame packages over the next 15 years if efforts are not made to plant more trees.
Home Asking Prices Increase to an All-Time High
Redfin, the Seattle-based, technology-powered real estate brokerage, reported on Wednesday (9-29-21) that the asking prices of homes listed for sale increased to an all-time high of 12%. On the other hand, pending home sales were just 4% higher year-over-year, the smallest increase since June 2020.