Analysis of the U.S. Bureau of Labor Statistics (BLS) of April’s Producer Price Index data provided by Associated Builders and Contractors (ABC) reveal that construction input prices increased 1.3% in April 2021, when compared those of March 2021. Nonresidential construction input prices increased 1.6% in April.
Wood Markets News
Index of Consumer Sentiment in May Drops -6.2% Month-Over-Month, Rises 14.5% Year-Over-Year
The University of Michigan released today (5-14-21) its preliminary Index of Consumer Sentiment (ICS) for May 2021. Month-over-month the ICS declined -6.2% from 88.3 in April to 82.8 in May. When compared to May 2020, the ICS increased 14.5% from May 2020 reading of 72.3.
EACOM Timber Corporation Announces $7.7 Million Investment at their Matagami, Quebec Sawmill
EACOM Timber Corporation has announced that they are making an investment of $7.7 million (CAD) to equip their Matagami, Quebec sawmill with a new state-of-the-art continuous kiln (CDK). The CDK will allow lumber to be dried 24-hours a day without interruption at the facility.
Russian Government Confirms Log Ban Will Start in 2022
According to Russian Deputy Prime Minister Yuri Trutnev, the Russian government is not considering lifting the ban on the export of logs, which is scheduled to go into effect in 2022.
Confirmed COVID-19 Cases Temporarily Shuts Down EACOM Timber’s Timmins, Ontario Sawmill
EACOM Timber Corporation has announced that it has temporarily shut down its Timmins, Ontario, Canada sawmill operations after COVID-19 cases were confirmed at the site. According to Biliana Necheva, EACOM public relations senior advisor, there have been four confirmed cases among the 132 employees at the Timmins site.
30-Year Mortgage Rate Drops to 2.94% in the Week Ending May 13, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 6, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 2.94% with an average 0.7 point, down from last week when it averaged 2.96% percent. A year ago, at this time, the 30-year FRM averaged 3.28%.
Weekly Jobless Claims Continued to Decline in the Week Ending May 8, 2021
The U.S. Department of Labor is reporting that an additional 473,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 8, 2021 — a decrease of 34,000 from the previous week’s revised level.
Producer Price Index for Final Demand Increases in April
The Bureau of Labor Statistics (BLS) reported today (5-13-21) that the Producer Price Index for final demand, seasonally adjusted, increased 0.6% percent in April. Final demand prices rose 1.0% in March and 0.5% in February.
U.S. Lumber Demand Sends European Lumber Prices Higher
Unrelenting building demand, the result of the COVID-19 pandemic, amongst other things, has kept U.S. sawmills from being able to catch up with that unabated demand. With U.S. builders needing lumber coverage, but rarely asking about price, suppliers have been forced to look for product sources apart from their traditional suppliers.
Hankins Lumber Company Expanding in Northern Mississippi with $ 12 Million Sawmill Investment
Hankins Lumber Company of Grenada County Mississippi is investing more than $12 million into a sawmill that will be called Hankins Timbers. The facility will produce about 40 million board feet per year.