According to Rentcafe.com, in the last two years apartment conversions have jumped by 25%, compared to the two years prior. This increasingly popular real estate niche has brought a total of 28,000 new rentals in 2020–21, which is well above the pre-pandemic years of 2018–19, when 22,300 were brought back to life through adaptive reuse.
Wood Markets News
US National Interagency Fire Center Wildfire Update for the Week Ending November 4th
The US National Interagency Fire Center (NIFC) reported that fifteen large new wildfires were reported during the week ending last Friday, and wildland firefighters have been able to contain most of them. Currently there are two large wildfires that have burned more than 127,000 acres in Oregon and Tennessee.
LP Announces SmartSide Expansion Project at Its Houlton, Maine, Facility
Louisiana-Pacific (LP) announced expansion projects at its Houlton, Maine, facility. LP will be adding a second SmartSide line that will give the facility an additional 340 million square feet of siding production capacity per year. The project will add a new forming line and press to the facility.
Ireland Unveils New €1.3 Billion Forestry Program
Ireland unveiled a new forestry program worth €1.3 billion. The fund will see payments to farmers for planting trees rise between 46% and 66%, and payments will continue for 20 years rather than the current 15 years.
Lack of Foreign Inputs Puts Argentina’s Timber Industry at Risk of Closure
Restrictions imposed on purchases made abroad by Argentine President Albert Fernández’s administration, in order to preserve the Central Bank’s reserves in foreign currency, has the Argentine Chamber of the Wood Industry warning that local producers may soon be forced to halt all activity due to the lack of imported inputs.
Biomass Company With Plants in Maine Files for Bankruptcy, Potentially Putting State’s Loggers at Risk
Despite millions in state subsidies, Maine biomass company Stored Solar has filed for bankruptcy. The company says it owes $17.8 million to creditors including an energy market investment company, the states of Maine and New Hampshire, and Maine loggers.
US Nonfarm Payroll Increases by 261,000 in October; Unemployment Creeps Higher to 3.7%
The US Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 261,000 in October. Monthly job growth has averaged 407,000 thus far in 2022, compared with 562,000 per month in 2021.
Canadian Employment Increases in October; Unemployment Holds Steady at 5.2%
Statistics Canada reported today that employment rose in Canada by 108,000, or 0.6%, in October. The increase helped to offset the losses reported from May to September. The unemployment rate held steady at 5.2%.
Anew Climate Announces Acquisitions Including 1.7-Million-Acre Timberland Portfolio
Anew Climate announced on Wednesday the acquisition of entities managed by The Forestland Group, which include a 1.7-million-acre timberland portfolio. The transactions are valued at approximately $1.8 million, representing one of the largest private conservation-focused forest investments in US history.
Rayonier Announces Timberland Acquisitions Across the US South
Rayonier has entered into two separate agreements to acquire approximately 172,400 acres of high-quality commercial timberland located in Texas, Georgia, Alabama, and Louisiana for an aggregate purchase price of $474 million from Manulife Investment Management.