The U.S. Census Bureau has announced that total construction spending during March 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,513 billion, 0.2% above the revised February estimate of $1,509.9 billion. The March figure is 5.3% above the March 2020 estimate.
Wood Markets News
Canadian Forest Certification Update for 2021
Tony Rotherham (RPF B.C. and Ont. (ret’d)) has worked on woodlands operations in B.C., Ontario, Quebec, Kenya and Iran. He worked for the CPPA (now FPAC) in the Woodlands Section for 21 years and since then as a consultant, largely on private forest land policy. Mr. Rotherham notes that Canada is a global leader in forest certification. In 2020, he provided an update on Canada’s changing certification landscape. But how have things changed since last year?
Local Residents Propose to Build A Pellet Mill to Help with Sawmill Waste in Montezuma County
Increasing timber sales from the San Juan National Forest is boosting the supply of available timber to the eight operational sawmills in Montezuma County, Colorado. The local mills are taking that timber and creating everything from wood paneling, plywood, excelsior, flooring, construction lumber, mine cribbing, to furniture.
Pending Homes Sales Index Increased 1.9% in March
The National Association of Realtors® (NAR) has reported 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 1.9% in March 2021 to a reading of 111.3.
Canadian Real GDP Grew 0.4% in February
Statistics Canada (StatsCan) is reporting that Real Gross Domestic Product (GDP) grew 0.4% in February following a 0.7% increase in January. This marks the tenth consecutive monthly increased and continued to offset the steepest decline on record in Canadian economic activity observed in March and April of 2020.
Index of Consumer Sentiment Increases 4% Month-Over-Month and 23% Year-Over-Year in April 2021
The University of Michigan (U of M) has posted the final results of their April 2021, Index of Consumer Sentiment. The Index of Consumer Sentiment increased to a value of 88.3, which is 4% higher month-over-month (MOM) and 23.% higher year-over-year (YOY). The current Economic Conditions increased to a value of 97.2, which is 4.5% higher MOM and 30.8% higher YOY.
Pending Homes Slide -10.6% in February 2021
The National Association of Realtors® (NAR) has reported 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 -10.6% in February, to a reading of 110.3.
30-Year Mortgage Rate Creeps Higher in Week Ending April 29, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 22, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.98% with an average 0.7 point, up slightly from last week when it averaged 2.97%.
Real GDP in Q1 2021 Grows at Estimated Annual Rate of 6.4%
The Bureau of Economic Analysis (BEA) reported today (4-29-21) that its “advance” estimated Real Gross Domestic Product (GDP) for Q1 of 2021 increased at an annual rate of 6.4%. In Q4 of 2020, real GDP increased 4.3%.
Weekly Jobless Claims Decline in the Week Ending April 24, 2021
The U.S. Department of Labor is reporting that an additional 553,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, April 24, 2021 — a decrease of 13,000 from the previous week’s revised level.