British Columbia Premier John Horgan has announced that the B.C. ministry with the biggest name and footprint in provincial history is being broken up as part of a reform of rural and resource development.
Wood Markets News
Bureau of Economic Analysis Reports Personal Income Declined Modestly in October
The Bureau of Economic Analysis (BEA) is reporting that personal income declined in October to a seasonally adjusted annual rate (SAAR) of $19,726 billion. The -0.7% reflects the tapering of government economic recovery payments.
Pending Home Sales Decline in October, for Second Month in a Row
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 for the second straight month in a row failing -1.1% in October to a reading of 128.9.
Biggest Forestry Deal in the “Green Triangle” Region of South Australia since 2012 is Taking Shape
In what is shaping up to be the biggest forestry deal in the “Green Triangle” region since South Australia privatized its forestry assets in a $670 million deal in 2012.
China’s Ban on Australian Timber and other Products is Taking its Toll on Green Triangle Region and its Seaport Economy
The recent shipment ban put into place by China on Australian timber (logs), coal and other agricultural and seafood products is already having a significant impact on the Green Triangle region and its seaport economy.
Second Estimate of Q3 2020 Real GDP Reveals a 33.1% Increase at an Annual Rate
According to the “second” estimate released today (11/25) by The Bureau of Economic Analysis (BEA) the Real Gross Domestic Product (GDP) increased at an annual rate of 33.1% in Q3 of 2020. In Q2 of 2020, the real GDP decreased -31.4%.
COVID-19 Increasing Affordability Challenges for Low Income Individuals per Harvard University Study
According to a study released by Harvard University’s Joint Center for Housing Studies, COVID-19 is having an especially pronounced impact on the affordability of housing among low-income individuals. The recently released American Community Survey reveals an ongoing downshift in cost burdens in 2019.
Mortgage Rates Remain at Record Lows in the Week Ending November 25th, 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 25th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.72% with an average 0.7 point, unchanged from the previous week.
Weekly Jobless Claims Increased in the Week Ending November 21st, 2020
The U.S. Department of Labor is reporting that an additional 778,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 21st.
New Home Sales Slip -0.3% in October 2020 but are 41.5% Above October 2019
The U.S. Census Bureau and the Department of Housing and Urban Development are jointly reporting that the sales of new single-family houses in October 2020 were at a seasonally adjusted annual rate of 999,000.