Canfor announced in its Q2 results that its BC Taylor Pulp Mill curtailment would continue until such time as “more normal” transportation levels return to its pulp and paper mills. The update in Canfor’s Q2 results confirms the company’s previous announcement made in May, which said the curtailment would remain in effect until the fall.
Wood Markets News
Manitoba Government Signing Memorandum of Understanding for Forestry Revenue Sharing With Mosakahiken Cree Nation and Opaskwayak Cree Nation
Manitoba Natural Resources and Northern Development Minister Greg Nesbitt announced on Tuesday that the Manitoba government is signing a memorandum of understanding (MOU) with the Mosakahiken Cree Nation and finalizing another MOU with Opaskwayak Cree Nation.
BID Group Completes Purchase of Smith Sawmill Service
The BID Group announced on Tuesday that it has successfully completed the purchase of Smith Sawmill Service, which was announced in June. Smith is one of the largest suppliers and service providers of saws, cutting tools, filing room equipment, and critical consumable products to the wood processing industry.
Jasper Lumber Co. Receives Supplemental Funding to Support Mill Expansion and Production Growth
Alabama Gov. Kay Ivey recently announced supplemental funding from the Appalachian Regional Commission has been made available to augment the $300,000 Community Development Block Grant, awarded in March 2022, to assist Jasper Lumber Company to boost its production and create 60 new jobs.
Potential Home Buyer Activity Increases in Q2 of 2022 After Three Consecutive Quarters of Declines
According to the latest Housing Trends Report (HTR), the number of potential home buyers who are actively engaged in the process of buying a home rose to 49% in Q2 of 2022. This follows three consecutive quarters of declines. The HTR believes the change is the result of less competition from buyers who have exited the market.
Mortgage Applications Increase in the Week Ending July 29, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 29, the Market Composite Index (a measure of mortgage loan application volume) increased 1.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.0%.
Port of Wilmington Finally Has a Revamped and Operational Wood Chip Facility
With the opening of Basaga International, the Port of Wilmington, after years of inactivity due to Hurricane Florence’s damage, now has an operating wood chip facility. Basaga shipped its first major shipment in late July and a second and larger shipment is scheduled to depart later this month.
LP Building Solutions Completes Sale of Its Engineered Wood Products Business to Pacific Woodtech
LP Building Solutions announced on Monday that it had successfully closed on the previously announced sale of its Engineered Wood Products (EWP) business to Pacific Woodtech for $210 million. Pacific Woodtech’s acquisition includes LP’s laminated veneer lumber and I-joist manufacturing facilities.
US Census Bureau Reports Residential Vacancies and Homeownership Statistics for Q2 2022
The US Census Bureau reported today its Residential Vacancies and Homeownership statistics for the second quarter 2022. According to the report, the national vacancy rates in Q2 were 5.6% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was 0.6 percentage points lower than the rate in the Q2 of 2021.
Multifamily Lending Hits All-Time High in 2021
The Mortgage Bankers Association reported today, in its annual report on the multifamily lending market, that in 2021 there were 2,215 different multifamily lenders that provided a total of $487.3 billion in new mortgages for apartment buildings of 5 or more units.