According to the latest G.19 Consumer Credit Report, from the Federal Reserve, which includes all loans not secured by real estate, in the third quarter of 2020, consumer credit increased at a seasonally adjusted annual rate (SAAR) of 2¼%, while none revolving credit increased by 4% and revolving credit declined by 2½%.
Wood Markets News
Oregon Department of Forestry Announces Official End of 2020 Fire Season
The Oregon Department of Forestry (ODF) announced that at 9:00 AM on Friday (11/6) that Southwest Oregon’s second-longest fire season on record ended. The 190-day season began May 1, among the earliest start dates on record, due to dry conditions and an outlook for above-normal temperatures and below-normal precipitation.
B.C. Judge Rules Destruction of Surrey Mill Did Not Eliminated Obligation to a Chip Supply Agreement
British Columbia Supreme Court Justice, Geoffrey Gomery, has ruled that the MacKenzie Sawmill Ltd. (MSL), whose Surrey B.C. mill was destroyed by a series of fire, the first on Nov. 12, 2010, the second on Jan. 25, 2011, and a third on Oct. 31, 2014, which halted production and ruined the mill, has not been “permanently discharged” from its obligations to provide lumber giant Interfor Corporation with wood chips.
Year-Over-Year, Commercial and Multifamily Mortgage Loans Decline -34%
The Mortgage Bankers Association (MBA) is projecting that commercial and multifamily loans, which are backed by income producing property, will be close to $ 395 billion in 2020. If that projection holds true, it will represent a -34% decline from 2019’s record volume of $601 billion.
Survey Shows Construction Workers Wages Outpaces National Median Average
The Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey for 2019, with analysis provided by the National Association of Home Builders (NAHB), reveals that half of payroll workers in the construction trades earned more than $49,030 per year and the top 25% make at minimum $68.690.
Residential Construction Employment Continued to Grow in October
A closer look at the Bureau of Labor Statistics October’s Employment Situation Report focusing on construction employment reveals that October’s residential construction employment, was 11,500 higher than October 2019.
Job Growth Slows to +0.5% in Canada in October
According to Stats Canada the pace of job growth slowed in October as the economy added close to 84,000 (+0.5%) jobs in October compared with 378,000 in September. Self-employment increased for the first time (+1.2%; +33,000) for the first time since the onset of the COVID-19 pandemic.
Housing Affordability Continued its Decline in Q3 2020
According to the National Association of Home Builders (NAHB) / Wells Fargo Housing Opportunity Index (HOI) in Q3 of 2020, housing affordability continued to decline in spite of record low mortgage rates, which were offset by rising home prices and lack of available homes for sale.
October’s Nonfarm Payroll Employment Moves Higher for Sixth Consecutive Month
The U.S. Bureau of Labor Statistics (BLS) is reporting that total nonfarm payroll employment rose for the sixth consecutive month in October by 638,000.
Hankins Lumber Company Completes Purchase of LP Sawmill North of Elliott Mississippi
Hankins Lumber Company has announced that they have completed the purchase of the former Louisiana Pacific mill site, just north of their current operation in Elliott Mississippi. The purchase represents a $12.5 million corporate investment.