Further analysis of the National Association of Home Builders Housing Trend Report (HTR) for Q2 of 2021 reveals that of the 17% of American adults considering a future home purchase, 61% have moved beyond planning and are actively searching to find one to buy. This marks the sixth consecutive quarter of growth, a trend that started in Q4 of 2019, when it was at 43%.
Wood Markets News
Canada’s Gross Domestic Product Contracted -0.3% in May
Statistics Canada (StatsCan) reported on Friday (7-30-21) that real gross domestic products (GDP) in Canada contracted -0.3% in May, following a -0.5% drop in April, and that total economic activity was approximately -2% below February 2020’s pre-pandemic level. Preliminary information indicates an approximate 0.7% increase in real GDP for June.
U.S. Consumer Sentiment Declines in July as Inflation Worries Continue to Grow
The University of Michigan today (7-30-21) released its second and final reading of Consumer Sentiment for July. According to the survey, U.S. consumer sentiment fell to a five-month low in July amid lingering concerns about inflation. The University of Michigan’s Consumer Sentiment Index (MCSI) fell to a final reading of 81.2, the lowest level since February, from June’s final level of 85.5.
Construction Employment Has Remained Flat or Declined in 101 Metro Areas Since February 2020
According to an analysis provided by the Associated General Contractors of America (AGC), taken from data recently released the Department of Labor, construction employment declined or stagnated in 101 metro areas between February 2020 — the month prior to the start of the COVID-19 pandemic — and June of 2021.
Pending Home Sales Decline -1.9% Month-Over-Month and Year-Over-Year in June
The National Association of Realtors® (NAR) is reporting that their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -1.9% to a reading of 112.8 in June. This after recording a notable 8.0% increase in May.
Heavy Congestion at New Zealand Ports Leads to Logging Industry Frustration and Market Fluctuations
New Zealand forestry contractors are reporting that they are losing money, work, and jobs due to fluctuations in the timber markets and major delays at the country’s ports. Driven by extreme demand for logs from China and other international markets, New Zealand timberland owners in the first half of 2021 raced to harvest as many logs as possible to take advantage of record high prices.
U.S. Real Domestic Product “Advance” Estimate for Q2 2021: Up 6.5% on an Annual Rate
According to the “advance” estimated released today (7-29-21) by the Bureau of Economic Analysis (BEA), the U.S. real gross domestic product (GDP) increased at an annual rate of 6.5% in Q2 of 2021. In Q1 of 2021, the GDP increased by 6.3% (revised).
Weekly Jobless Claims Decline in the Week Ending July 24, 2021
The U.S. Department of Labor is reporting that an additional 400,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, July 24, 2021 — a decrease of 24,000 from the previous week’s revised level.
TimberQuest Provides Innovative, Sustainable, Highly Efficient Solutions for Mass Timber Classrooms for California K–12 and Community Colleges
TimberQuest is the partnership between XL Construction, Milpitas, with Aedis Architects, San Jose and Daedalus Structural Engineering, based in Saratoga, and combines the organizations’ unique expertise in 21st century learning environments with mass timber design and construction.
East Fraser Fiber Co. Ltd. Receives $615,000 Grant to Help in Recovery of Low-Quality Fiber
The Forest Enhancement Society of British Columbia (FESBC) is helping to support jobs in Mackenzie, B.C. by awarding nearly $615,000 (CAD) to East Fraser Fiber Co. Ltd. (EFF) to help in the recovery of close to 30,000 cubic meters of low-quality fiber that would otherwise not been used.