In a press release, Roseburg Forest Products Co., the operators of a veneer mill located in Weed, California, at the center of the Mill Fire, announced that it was investigating whether the possible failure of a water-spraying machine from a third-party equipment manufacturer led to the ignition of a structural fire at its facility on September 2.
Wood Markets News
US Wood Pellet Exports Decline Month-Over-Month but Are Up Year-Over-Year in July 2022
According to data released by the US Department of Agriculture, the US exported 649,185.7 metric tons of wood pellets in July, down month-over-month from June’s 832,092.2 metric tons of wood pellets but up year-over-year from 546,519.9 metric tons in July 2021.
Non-Site Built Single-Family Completions Continued to Languish in 2021
According to the US Census Bureau’s Survey of Construction data, the total market share of non-site built single-family homes—both modular and panelized—in 2021 was at 2% of all single-family completions. In 2021, there was a total of 24,000 single-family units built using modular and panelized/precut (14,000) construction methods.
US Weekly Jobless Claims Decline for the Week Ending September 3, 2022
Seasonally adjusted, an additional 222,000 Americans made their initial filing for unemployment benefits during the week ending on September 3rd. This is a decrease of 6,000 from the previous week’s revised-lower level of 228,000 (originally reported as 232,000).
Red Stag Group Finalizes Acquisition of TimberLab Solutions
After 64-years of McIntosh family ownership, TimberLab Solutions has officially joined the Red Stag Group. Originally announced in mid-August, Red Stag Group last week completed a share sale, and the acquisition has been finalized.
Mortgage Applications Trended Lower in the Week Ending September 2, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 2, the Market Composite Index (a measure of mortgage loan application volume) decreased 0.8% on a seasonally adjusted basis from one week earlier.
Unwanted in Europe, Luxembourgish Wood Is Popular in China and Other Asian Countries
Private Forest Association’s Winfried Von Loe has provided greater insight into the international sales of Luxembourgish wood. Von Loe says that since demand for high grade wood is minimal within Luxembourg, most of it is being exported to the highest bidder.
Fannie Mae Home Purchase Sentiment Index® Slightly Lower in August
Fannie Mae today released its Home Purchase Sentiment Index® for August, which dropped 0.8 points to a reading of 62.0. This marks the sixth consecutive month of declines, as high home prices and elevated mortgage rates continue to drag down consumer sentiment.
Pandemic Led to Shift in Home Building From Large Metro Core Areas to Low-Density and Low-Cost Markets
The latest National Association of Home Builders’ Home Building Geography Index reports that home building activities have moved to low-density and low-cost markets since the beginning of the pandemic. This has led to a decline in single-family construction in large metro core and inner suburbs between Q4 2019 to Q2 2022.
Builders FirstSource Acquires Trussway
Builders FirstSource, the nation’s largest pro dealer with roughly 560 locations in 42 states, has announced it has acquired Trussway, a provider of prefabricated roof and floor trusses, as well as other value-added building components and services, including for the multifamily sector.