A state level analysis of the recent Bureau of Labor Statistics (BLS) nationwide total nonfarm payroll report, provided by the National Association of Home Builders (NAHB), with a focus specifically on the construction sector, reports that in the 48 states that reported construction sector jobs data — which includes both residential as well as non-residential construction — 23 states reported an increase in June compared to May, while 24 states lost construction sector jobs.
Wood Markets News
Canadian Housing Starts Decline 1.5% Month-Over-Month in June
Canada Mortgage and Housing Corporation (CMHC) reported on Friday (7-16-21) that Canadian housing started moved lower in June. Nevertheless, building activity remains above historic standards and the market remains above anticipations. According to the CHMC, housing starts for June came in at a seasonally adjusted annualized rate of rate of 282,070 units, a -1.5% decrease from 286,296 units in May.
Wildfires Continue to Grow in the Western U.S., Destroying Everything in their Path
In Oregon on Sunday (7-18-21), the largest wildfire in the U.S. set additional dry forestland areas ablaze. The Bootleg fire, located just north of the California border, is just one of dozens of major blazes that continue to burn across the West, with dangerous fire weather looming over the entire area in the upcoming days.
Fannie Mae’s Economic and Strategic Research Group Updates Economic Outlook for Full-Year of 2021
According to Fannie Mae’s Economic and Strategic Research (ESR) Group, expectations for a full-year 2021 real GDP growth are at 7.0% — little changed from their previous outlook. However, meaningful compositional and temporal shifts are now projected for the underlaying sources of economic growth.
Builder Confidence in Newly Built Single-Family Homes Declines 1-point in July
The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) is reporting that builder confidence in the market for newly built single-family homes declined 1-points to a reading of 80 in July. This is its lowest level since August of 2020.
Treasury Yields Start the Week of July 19, 2021 Lower
On Monday, the yield on the benchmark 10-year Treasury note fell 11 basis points to 1.189% (its lowest level in five months) at around 4:00 p.m. ET. The yield on the 30-year Treasury bond slid 11 basis points to 1.82%.
Mortgage Credit Availability Tightens in June
According to Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI), which analyzes data from the Ellie Mae’s AllRegs® Market Clarity® business information tool, mortgage credit availability decreased in June. The MCAI fell by -8.5% to 118.8 in June.
British Columbia’s Wildfire Service Facing Over 300 Wildfires Currently Burning Across the Province
British Columbia’s Wildfire Service resources are being stretched to the max, as more than 300 wildfires burning across the province. As a result, the Wildfire Service said it is prioritizing fires that threaten lives and property, while at the same time prioritizing the safety of its crews.
Carbotech Group Acquires Autolog
Carbotech Group, a company that specializes in operational efficiency for the sawmill industry, with an emphasis on log and lumber handling, has announced that it has acquired Autolog, a company that specializes in wood process optimization and automation.
Oregon Wildfires Destroy Homes and Businesses and Force Hundreds to Evacuate
Drought-parched timber and brush lands, the result of record-breaking temperatures and dry and windy weather in south-central Oregon, have been the fuel source for a swiftly spreading wildfire that on Wednesday was in its ninth day. Only 5% around the perimeter is contained. The so-called Bootleg fire has burnt through more than 212,000 acres and has destroyed 21 homes and 54 other structures.