A deeper dive into the U.S. Census Bureau Construction Spending data, for May, with further analysis provided by the National Association of Home Builders (NAHB) reveals that that total private residential construction spending rose 0.2% in May to a seasonally adjusted annual rate of $751.7 billion.
Wood Markets News
Challenger Reports June 2021 Job Cuts Down -87% from a Year Ago
According to the latest released Job-Cut Report from Challenger, Gray & Christmas (CG&C), Inc., U.S. based companies announced planned job cuts announced by U.S.-based employers fell 16.7% in June to 20,476 from the 24,586 announced in May.
Weekly Jobless Claims Decline in the Week Ending June 26th, 2021
The U.S. Department of Labor is reporting that an additional 364,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday June 26th, 2021.
Construction Spending in May Down -0.3%, Month-Over-Month but Up 7.5% Year-Over-Year
The U.S. Census Bureau has announced that total construction spending during May 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,545.3 billion, -0.3% below the revised April estimate of $1,549.50 billion.
10-year Agreement on Log Supply between Forest SA and KSI Sawmills Leads to Plans for New Sawmill
Backed by a 10-year log supply agreement between ForestSA and KSI Sawmills, KSI has announced its plan to build a new $4.5 (A$) sawmill near Murray Bridge. The new sawmill will not only increase needed timber supply but also create new local jobs.
Canadian Gross Domestic Product Slips -0.3% in April
According to Statistics Canada (StatCan) real gross domestic product (GDP) contracted -0.3% in April. Ending 11 consecutive months of increases. With the first decline in 12 months, total economic activity remains about -1% below the level prior to the COVID-19 pandemic, which started in February 2020.
Pending Home Sales Jump 8.0% in May – Up 13.1% Year-Over-Year
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, increased 8.0% to a reading of 114.7 in May.
ADP Reports Private Sector Employment Increased by 692,000 Jobs in June
According to the June ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 692,000 jobs from May to June.
Mortgage Applications Drop -6.9% in the Week Ending June 25th, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending June 25th, 2021, the Market Composite Index , a measure of mortgage loan application volume decreased -6.9% on a seasonally adjusted basis from one week earlier.
Upgrades to their Monterra Lumber Facility Helps Weston Forest Increase Mill Production
As demand for lumber products rose dramatically in the summer last year, Weston Forest began looking for additional production capacity to add to their existing business.