Statistics Canada (StatCan) reported today (9-14-21) that manufacturing sales fell -1.5% in July to $59.6 billion (C$), following a 3.6% increase in June. Sales were down in 12 of 21 industries, led by the wood products’ decline of -21.8% and aerospace products and parts falling -19.0%.
Wood Markets News
Consumer Price Index Increases 0.3% in August and 5.3% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday (9-14-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in August on a seasonally adjusted basis after rising 0.5% in July. Over the past 12-months, the all-item index has increased 5.3% before seasonal adjustment.
Forbearance Exits at their Fastest Pace Since March During the Week Ending September 5, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 15 basis points from 3.23% of servicers’ portfolio volume in the prior week to 3.08% as of September 5, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.
Two More Saskatchewan Mills Receive Province Timber Allocations
The forestry industry in Saskatchewan received additional good news on Friday (9-10-21), with the announcement that two more timber mills will be receiving timber allocations from the province. These latest allocations come at the end of a week that saw two mills in Prince Albert receive timber allocations as well.
Kansas City Southern Railway Accepts Canadian Pacific Railway Revised Proposal, Calls off Planned Merger with Canadian National Railway
The Kansas City Southern Railway (KCS) announced on Sunday (9-12-21) the KCS Board of Directors had determined that Canadian Pacific Railways (CP) revised proposal constitutes a “Company Superior Proposal” as defined in the KCS’s merger agreement with Canadian National Railway Company.
81 Large Wildfires Continue to Burn in the Western US — Only 1 Currently Listed as Contained
The National Interagency Fire Center reported today (9-13-21) that there are 81 large fires or complexes currently burning in the West and Minnesota. As of today, the total number acres actively burning are at 3,150,696. Fires listed as contained are now down to 1.
Dunkley Lumber Company to Expand Production at Carrot River, Saskatchewan Sawmill
Dunkley Lumber Company, a privately owned Canadian forestry company with three sawmills in western Canada, has announced a $100 million (C$) expansion at their Carrot River, Saskatchewan sawmill facility. The expansion is expected to create 240 new direct and indirect jobs through growth in lumber sales and exports.
Canadian Investment in Building Construction Down for Third Consecutive Month in July
Statistics Canada (StatsCan) reported this morning (9-13-21) that investment in building construction in Canada was down -1.7% to $18.1 billion (C$) in July. On a constant dollar basis (2012=100), investment in building construction declined 1.6% to $13.0 billion in July.
Mortgage Credit Availability Increases for Second Consecutive Month in August
The Mortgage Banker Association (MBA) on Thursday (9-9-21) released their Mortgage Credit Availability Index (MCAI), which analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, for August. According to the report, the MCAI rose by 3.9% to 123.7 in August.
Building Materials Costs Soar, Offsetting Recent Declines in Lumber and Panel Pricing
According to the latest Bureau of Labor Statistic (BLS) Producer Price Index (PPI), with analysis provided by the National Association of Home Builders (NAHB), the prices of goods used as inputs into residential construction including energy have risen 19.0%. Without energy, they are up 12%, year-to-date.