A growing trend identified by the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) in Q2 of housing being built in lower-density areas, has continued into Q3. As single-family and multifamily construction continued to overperform in lower cost markets – i.e. the suburbs and exurbs.
Wood Markets News
Statistics Canada Reports Real Gross Domestic Products Expanded in Q3
Statistics Canada reported today (12/1) the real gross domestic product (GDP) in Canada expanded at a rate of 8.9% in Q3 of 2020. This following an -11.3% fall in Q2 of 2020 and a -1.9% drop in Q1.
U.S. Census Bureau Reports Construction Spending Increased in October
The U.S. Census Bureau has announced that total construction spending during October 2020 was estimated at a seasonally adjusted annual rate of $1,438.5 billion, 1.3% above the revised September estimate of $1,420.4 billion. The October figure is 3.7% above the October 2019 estimate.
The Southern Pine Forest Products Association (SFPA) Announces FREE Virtual Summit on Tuesday 12/8 from 10:00 AM – 3:00 PM Central Standard Time
The Southern Pine Forest Products Association (SFPA) will be holding a free SFPA Summit virtual event on Tuesday December 8th, from 10:00 AM Central Standard Time through 3:00 PM.
B.C. Returning to Separate Forestry and Rural Development Ministries
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.
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%.