The University of Michigan today (Friday 8-13-21), released its preliminary Consumer Sentiment Index (CSI) for August. The Index of Consumer Sentiment dropped to a reading of 70.2 in August, down from 81.2 in July, a month-over-month decline of -13.5% and -5.3% year-over-year (74.1 in August 2020).
Wood Markets News
Despite Lumber Pricing Decline – Overall Building Materials Pricing Continue to Climb
According to the latest Bureau of Labor Statistics July Producer Price Index (PPI), with analysis provided by the National Association of Home Builders (NAHB), prices paid for goods used in residential construction, less energy, rose 0.2% in July, after rising 3.0% in June (not seasonally adjusted).
Mortgage Credit Availability Increased in July
The Mortgage Banker Association (MBA) on Thursday (8-12-21), released their Mortgage Credit Availability Index (MCAI), that analyzes data from Ellie Mae’s AllRegs® Market Clarity® business information tool, for July. According to the MCAI rose by 0.3% to 119.1 in July.
Lower Lumber and Wood Product Pricing Limits Canadian Industrial Price Index Increases
Statistics Canada (StatCan) today (8-13-21) released its Flash Estimate for July 2021, Industrial Product Price Index (IPPI). The IPPI edge up 0.1% month-over-month in July and is up 16.2% year-over-year.
Western Forest Products Completes Sale of Properties, Including Somass Sawmill, to City of Port Alberni
Western Forest Products (WFP) announced Thursday (8-12-21) that it has completed the sale of certain properties, including the Somass Sawmill site to the City of Port Alberni for $5.3 million.
Interfor Corporation Announces $30 Million Expansion Plan at Summerville, S.C. Sawmill
Interfor Corporation has announced that it plans to expand its sawmill operations in Summerville, South Carolina. Interfor plans on investing $30 million (USD) to increase production capacity needed to “meet growing demand for its products, improve manufacturing productivity, and enhance product mix.”
Wildfires Throughout the Western U.S. Continue to Grow in Size; Europe Facing Similar Crisis
The Dixie Fire (named after the road it started near on July 14, 2021) is California’s largest single wildfire in recorded history. The fire continued to grow on Wednesday (8-11-21) and is currently only 30% contained. The Dixie Fire has destroyed more than 1,000 structures, nearly half of them homes.
Investment in Building Construction in Canada Drops in June
Statistics Canada (StatsCan) reported today (8-12-21) that investment in building construction in Canada declined -4.5% to $18.4 billion (CAD) in June. Investments in both residential and non-residential construction investment were down.
Producer Price Index for Final Demand Increases 1.0% in July
The Bureau of Labor Statistics (BLS) reported today (8-12-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.0% in July. Final demand prices rose 1.0% in June, 0.8% in May, 0.6% in April, 1.0% in March and 0.5% in February.
Mortgage Rates Rise Ten Basis Points in the Week Ending August 12, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 12, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.87% percent with an average 0.7 point, up from last week when it averaged 2.77%. A year ago, at this time, the 30-year FRM averaged 2.96%.