Further analysis of the U.S. Census Bureau’s Construction Spending data provided by the National Association of Home Builders (NAHB) reveals that total private residential construction spending dropped -0.2% in February 2021 to a seasonally adjust annual rate (SAAR) of $718 billion, down slightly from January’s record high level.
Wood Markets News
Former G-P Particleboard Plant in Gaylord Michigan to Become Hardwood Sawmill
The former Georgia-Pacific particleboard plant just outside of Gaylord, Michigan is coming back to life after being dormant since its closure in 2006. The 850-acre site was purchased in January 2020 by Michigan Lumber and Wood Fiber Inc. of Comins Michigan.
A Closer Look at the Construction Sector in March’s Nonfarm Payroll Employment Report
A closer look at the construction sector portion of the Bureau of Labor Statistics (BLS) March’s nonfarm payroll report, of Friday (4-2-21) with additional analysis provided by the National Association of Home Builders (NAHB), reveals that the construction sector added 110,000 jobs in March. This following job losses in February (-56,000) that were likely weather-related.
Nonfarm Payroll Employment Increased by 916,000 in March with Unemployment Down to 6.0%
The Bureau of Labor Statistics (BLS) on Friday (4-2-21) reported that total nonfarm payroll employment rose by 916,000 in March — down by 8.4 million, or -5.5%, from its pre-pandemic peak in February 2020.
Delinquency Rates for Mortgages Backed by Commercial and Multifamily Properties Return to Pre-Covid Levels
According to the latest Mortgage Bankers Association’s (MBA) CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties decreased for the third straight month in March, reaching their lowest levels since April 2020 and the onset of the COVID-19 pandemic.
NorSask Forest Products Ltd. Mill in Meadow Lakes B.C. Loses 2 Dry Kilns in Fire
NorSask Forest Products Ltd has provided an update on the cleanup efforts that are currently underway at their Meadow Lake sawmill after a fire that broke out on Saturday, March 27, 2021 destroyed two dry kilns.
Total Value of Canadian Building Permits Issued in February Sets New Record
Statistics Canada (StatsCan) is reporting that the total value of building permits issued in February broke the $10-billion mark for the first time, as a jump in the non-residential sector more than offset the decline in the residential sector.
Construction Spending Declines in February 2021
The U.S. Census Bureau has announced that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $1,516.9 billion, -0.8% below the revised January estimate of $1,529.0 billion.
Weekly Jobless Claims Increase in the Week Ending March 27, 2021
The U.S. Department of Labor is reporting that an additional 719,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday March 27, 2021. An increase of 61,000 from the previous week’s revised level. The 4-week moving average was 719,000, a decrease of 10,500 from the previous week’s revised average.
30-Year Mortgage Rate Slightly Higher in the Week Ending April 1, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 1, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.18% with an average 0.7 point, up from last week when it averaged 3.17%.