Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported that December sales were 27% higher year-over-year. The 27% increase was higher than November’s 17% increase, which had been the first month in the past 6 months that orders had slowed somewhat.
Wood Markets News
ADP Reports Private Sector Employment Increased by 117,000 Jobs in February
According to the February ADP® National Employment Report™ nonfarm private sector employment private sector employment increased by 117,000 jobs from January to February. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
Pioneering Wood Construction is in Vancouver B.C.’s DNA
The Minister of Digital Government has announced a grant of $648,250, provided through Natural Resources, Canada’s Green Construction through Wood program, for Fast + Epp, a structural engineering firm from Vancouver, toward the construction of their head office.
Year-Over-Year Private Residential Construction Spending up 21% in January
Further analysis of the U.S. Census Bureau’s Construction Spending data for January 2021, provided by the National Association of Home Builders (NAHB), reveals that total private residential construction spending rose 2.5% in January to a seasonally adjusted annual rate of $713 billion, reaching a new record high.
Real GDP in Canada Increased 2.3% in Q4 2020 with Housing Investments Helping to Lead the Way
Statistic Canada (StatsCan) is reporting that real gross domestic product (GDP) grew 2.3% in Q4 of 2020, following record fluctuations in the previous two quarters. In 2020, real GDP shrank -5.4%, the steepest annual decline since quarterly data were first recorded in 1961.
Australia’s February Home Prices Increase at a Pace Last Seen in August 2003
CoreLogic is reporting that Australian homes prices in February 2021, rose at a pace not seen since August of 2003. As government incentives and record low borrowing rates drew more buyers into the housing market and raised concerns about them overheating. The CoreLogic data showed national home prices rose 2.1% in February, from January when they added 0.9%.
China Extends Tariff Exemptions on Hardwood Logs and Lumber Products
In a note to its members, the National Hardwood Lumber Association reports that China has agreed to extend tariff exemptions on 65 imported products from the United States. Seven hardwood log and lumber products have made that list.
COVID-19 Vaccine Distribution Will Add to the Number of Homebuyers
Zillow, the Seattle-based online real estate marketplace company, is reporting in a new survey that a large majority (70%) of homeowners say they would be comfortable moving into a new home after widespread COVID-19 vaccine distribution — a significant increase from the 52% in the previous survey.
Shares of Mortgages in Forbearance Increase in Week Ending February 21, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance increased by 1 basis point from 5.22% of servicers’ portfolio volume in the prior week to 5.23% as of February 21, 2021.
Pandemic Shifted Home Building in 2020 to the Suburbs, Exurbs and Small Metro Areas
The National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) is reporting that the shift to suburban home building — which was first reported in Q2 2020 — is the result of buyers’ growing preferences to live in lower density, lower cost markets and the results of the impact of the COVID-19 pandemic, continued through the balance of 2020.