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.
Wood Markets News
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%.
Weekly Jobless Claims Continued to Decline in the Week Ending August 7, 2021
The U.S. Department of Labor is reporting that an additional 375,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 7, 2021 — a decrease of 12,000 from the previous week’s revised level.
Canfor Reopens Houston B.C. Sawmill as Rail Congestion and Wildfire Concerns Ease
The Houston B.C. Today Newspaper is reporting that Canfor reopened their Houston Mill facility on Monday, August 9, 2021. This follows a two-week shutdown caused by rail system bottlenecks and other problems in southern B.C. resulting from wildfire outbreaks in the area.
CatchMark Completes $100 Million Sale of Oregon Timberlands to Roseburg Resources Co.
CatchMark Timber Trust, Inc. today (8-11-21) announced that it had completed the sale of 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.
Western Wood Products Association Posts North American Softwood Lumber May Production Stats
The Western Wood Products Association (WWPA) is reporting that in May, North American softwood lumber production increased 11.5% year-over-year (YOY). Canadian production increased 13.3% YOY and in the U.S., production rose 10.4%.
Home Buyers and Sellers Have Differing Views in Latest Fannie Mae Home Purchase Sentiment Survey
The Fannie Mae Home Purchase Sentiment Index®(HPSI), which reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis, decreased 3.9 points to a reading of 75.8 in July. This occured as consumers continue to report concerns related to high home pries and a lack of homes for sale.
Kangaroo Island Plantation Timber to Convert 18,000 Hectares of Softwoods to an Agricultural Estate
Having had its proposal to construct a deep-water port on the north coast of Kangaroo Island rejected by the South Australian government, Kangaroo Island Plantation Timber (KIPT) Chairman Paul McKenize announced that KIPT would immediately convert its 18,000 hectares of softwood to an agricultural estate.
Mortgage Application Volume Rebounds in the Week Ending August 6, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending August 6, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased 2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3% compared with the previous week.