Jacob Wadlington — a Trigg County Kentucky native who founded PJ Clark Lumber, based in Coppell, Texas, earlier this year — is returning to his family roots. Wadlington’s family has owned TW Lumber in Cadiz Kentucky and operated a sawmill there for over 25 years. Wadlington has announced that he will be opening a new lumber facility on Cerulean Road in Cadiz.
Wood Markets News
CatchMark Timber Trust Inc. Sells 18,063 Acres of Oregon Forestland to Roseburg Resource Co.
CatchMark Timber Trust, Inc. announced on Thursday (6-24-21) that had entered into a definitive agreement to sell 18,063 acres of prime Oregon timberlands — known as the Bandon property — for $100 million in cash, or approximately $5,536 per acre, to Roseburg Resources Co. CatchMark purchased the property in August 2018 for $88.8 million, or $4,916 per acre, exclusive of transaction costs.
Home Builders Cut Construction Time by 10-days in 2020
According to the U.S. Census Bureau’s 2020 Survey of Construction (SOC), with analysis provided by the National Association of Home Builders (NAHB), the average completion time of a single-family house was around 7.8 months, which typically includes a little over a month from authorization to start and
another 6.8 months to finish the construction. It took approximately 10 days less in 2020 when compared to 2019, pausing the upward trend started in 2014.
Personal Income and Disposable Income Decline While Personal Consumption Expenditures Rise in May
The U.S. Bureau of Economic Analysis (BEA) reported on Friday (6-25-21) that according to their estimates, Personal Income decreased -$414.3 billion or -2.0% in May 2021. Disposable personal income (DPI) decreased -$436.3 billion or -2.3% and personal consumption expenditures (PCE) increased $2.9 billion, or less than 0.1%.
Index of Consumer Sentiment up 3.1% Month-Over-Month in June and 9.5% Year-Over-Year
The University of Michigan today (6-25-21) released its “Final” Index of Consumer Sentiment (ICS) for June. Month-over-month the ICS rose 3.1% from 82.9 in May to 85.5 in June. When compared to June 2020, the ICS increased 9.5% or 78.1 to 85.5.
The San Group Contemplating Building a Sawmill in the Terrace, B.C. Area
According to an article in the “Terrace Standard” newspaper, just weeks after announcing it was spending $100 million in Port Alberni, the San Group, based in Port Alberni, B.C., is now expressing its interest in building a sawmill in the Terrace, B.C. area. According to the article, the sawmill would process wood the company already acquires in the area and typically ships out for processing.
Real GDP for Q1 2021 Reported at 6.4% in “Third” Estimate
The Bureau of Economic Analysis (BEA) released today (6-24-21) its “third” estimate of real gross domestic product (GDP) for Q1 if 2020, reporting it was at an annual rate of 6.4%. This is the same level as in the previously reported “advance” and “second” estimates.
State-Level Analysis of Construction Employment for May 2021
A deeper look into the Bureau of Labor Statistics (BLS) nationwide total of nonfarm payroll employment for May, with analysis provided by the National Association of Home Builders (NAHB), reveals that nonfarm payroll employment increased in 33 states and the District of Columbia in May, when compared to April, while 16 states lost jobs.
Mortgage Rates Move Above 3% in the Week Ending June 24, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 24, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.02% with an average 0.7 point, up from last week when it averaged 2.93%. A year ago, at this time, the 30-year FRM averaged 3.13%.
Weekly Jobless Claims Move Modestly Higher in the Week Ending June 19, 2021
The U.S. Department of Labor is reporting that an additional 411,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday June 19, 2021 — a decrease of 7,000 from the previous week’s revised level. The 4-week moving average was 397,750 — an increase of 1,500 from the previous week’s revised average.