A new report recently released by the Harvard Joint Center for Housing Studies, “Improving America’s Housing 2021,” reveals that while the U.S. economy contracted by -3.5% in 2020, spending on home improvements and repairs increased more than 3% to nearly $ 420 billion — the result of households altering living spaces for work, school, and family time in response to the COVID-19 pandemic.
Wood Markets News
Construction on the Largest Mass Timber Office Building in South Carolina has Started
Construction has officially begun on the BullStreet District’s 79,000 sq. ft. WestLawn office building in downtown Columbia South Carolina. The five-story office building was designed by globally renowned architectural firm Perkins and Will in collaboration with Robinson Gray Stepp & Laffitte, LLC.
More Consumers Anticipate Purchasing a Home in the Next Four Months
The recently-published New York Federal Reserve Bank, December Household Spending Survey — with additional analysis provided by the National Home Builders Association — reveals a modest increase in household spending over the past four months (September through December), and a noticeable increase in the median expectation for year-ahead household spending to highest level since August 2015.
Consumer Sentiment in March Reaches its Highest Level in a Year
The University of Michigan Surveys of Consumers chief economist, Richard Curtin, is reporting that Consumer Sentiment continued to rise in late March, reaching its highest level in a year due to the third disbursement of relief checks and better than anticipated vaccination progress. As prospects for obtaining vaccination have grown, so too has people’s impatience with isolation, as those concerns were voiced by nearly one-third of consumers in March, the highest level in the past year.
Bureau of Economic Analysis Reports Personal Income Drops 7.1% in February
The Bureau of Economic Analysis (BEA) today, Friday, March 26, 2021, reported that according to their latest estimates personal income decreased $1,516.6 billion or -7.1% in February. Disposable personal income (DPI) decreased $1,532.3 billion or -8.0% and person consumption expenditures (PCE) decreased $149.0 billion or -1.0%.
Weekly Jobless Claims Increase in the Week Ending March 20, 2021
The U.S. Department of Labor is reporting that an additional 684,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday March 20, 2021 — an increase of 97,000 from the previous week’s revised level.
Irish Forestry Industry Continue to Wait for Relief in Timber Felling License Crisis
Timber processors, forestland owners, contractors and forestry companies in Ireland have been struggling for the past two year to obtain felling (timber cutting and road access) licenses which has led to both supply and employment problems. This as the markets for sawn timber at home and in the UK are good because of shortages from traditional lumber suppliers.
30-Year Mortgage Rate Ticks Higher in the Week Ending March 25, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 25, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.17% with an average 0.7 point, up from last week when it averaged 3.09%.
Even with Increased Production Australian Sawmills Struggle to Keep Up with Soaring Demand
The Australian Forest Products Association (AFPA) continues to reassure builders and homeowners that they are doing everything possible to supply as much construction timber to meet soaring demand. AFPA CEO Ross Hampton said that the domestic timber industry supplies around 80% of the timber used in home construction and has ramped up production to keep up with the record demand.
Bureau of Economic Analysis Revises GDP Higher in Q4 2020 “Third” Estimate
The Bureau of Economic Analysis (BEA) released today (3-25-21) their “third” estimate of real gross domestic product (GDP) for Q4 of 2020. According to the BEA, the GDP increased at an annual rate of 4.3% in Q4. In Q3 of 2020 the real GDP increased 33.4%.