Latvian timber product exports to the U.S. continue to grow. However, up until now, most of those shipments have typically been done in smaller quantities and in containers with transshipment in Rotterdam, or in one of the other major European container ports.
Wood Markets News
Builders and Developers Experience Lower Interest Rates and Improved Credit Conditions in Q4 2020
The lower mortgage interest rates that home buyers have been enjoying at the end of 2020, have finally made their way to builders and developers, who are now experiencing lower interest rates and improved credit conditions.
Year-Over-Year Construction Starts on Single-Family Homes Built for Rent Increase by 50% in Q4 2020
A deeper look into the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design, conducted by the National Association of Home Builders reveals that the number of single family-homes built for rent (SFBFR) construction starts posted a year-over-year increase in Q4 of 2020.
30-Year Mortgage Rate Moves to its Highest Level Since Mid-November in Week Ending February 18, 2021
The PMMS reports that 30-year fixed-rate mortgage averaged 2.81% with an average 0.7 point, up from last week when it averaged 2.73%.
Weekly Jobless Claims Increase in the Week Ending February 13, 2021
The U.S. Department of Labor is reporting that an additional 861,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday February 13, 2021 — an increase of 13,000 from the previous week’s revised level.
Associated Building Contractors Reports Construction Input Prices Increased 2.5% in January
A closer look at the U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) data for January, provided by the Associated Builders and Contractors (ABC), reveals that residential construction input prices increased 2.5% in January over December 2020. Year-over-year residential input prices increased 4.8%.
Led by Mortgage Originations, Overall U.S. Household Debt Increased in Q4 2020, to $14.56 Trillion
According to the Federal Reserve Bank of New York, overall household debt increased by $206 billion in Q4 of 2020 to $14.56 trillion. The primary driver was a dramatic increase in mortgage originations.
January Building Permits Up 10.4% — Housing Starts and Completions Reported Lower
The U.S. Census Bureau has reported that privately‐owned housing starts in January were at a seasonally adjusted annual rate (SAAR) of 1,580,000. This is -6.0% below the revised December estimate of 1,680,000 and is -2.3% below the January 2020 rate.
LP Announces the Restart of the Peace Valley OSB Mill Later in 2021
Louisiana Pacific (LP) has announced that it intends to restart the Peace Valley OSB mill in Fort St. John, B.C. sometime later this year. LP curtailed the mill in June 2019 due a drop in U.S. housing starts and low commodity OSB prices.
Producer Price Index Increases 1.3% in January – Largest Monthly Increase on Record
The U.S. Bureau of Labor Statistics reported today (2-17-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.3% in January. January’s increase is the largest since the PPI began in December 2009.