Kandola Forest Products (KFP) began operations in April 2021 in the former C&C mill facility located in Quesnel, BC. Neal Kandola, the CEO of the value-added mill appeared before the Quesnel city council and reported that KFP has captured a bigger market share that previous company operating out of the mill was ever able to accomplish.
Wood Markets News
New Residential Home Sales Up Month-Over-Month but Fall Year-Over-Year in October 2021
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced on Wednesday (11-24-21) that new residential single-family home sales for October 2021 were at a SAAR of 745,000, according to estimates. This is 0.4% above the revised September rate of 742,000 but is -23.1% below the October 2020 estimate of 969,000.
Mass Timber Roof to be Crowning Jewel of Portland International Airport’s Expansion Project
The new main terminal at Portland Oregon’s International Airport (PDX) is starting to take shape. The construction of the massive, undulating wood roof is set to be the crowning jewel of PDX’s $2 billion expansion. The 392,000-square-foot mass timber roof is being put together like a huge 3-D puzzle about a mile away from the new terminal.
30-Year Mortgage Rates Hold Steady, 15-Year Rates Up Slightly in the Week Ending November 24, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 24, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.10% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 30-year FRM averaged 2.72%.
University of Michigan Final Consumer Sentiment Index for November at Lowest Point in Nearly a Decade
The University of Michigan today (11-24-21) released its final Consumer Sentiment Index (CSI) for November. The Index of Consumer Sentiment declined to a reading of 67.4 in November, down from 71.7 in October. This is a month-over-month decrease of -6.0% and a year-over-year decrease of -12.4% (76.9 in November 2020).
U.S. Real GDP for Q3 2021 Reported at 2.1% in “Second” Estimate
The Bureau of Economic Analysis (BEA) released today (11-24-21) its “second” estimate of real gross domestic product (GDP) for Q3 2021. The BEA reports GDP was at an annual rate of 2.1%. The GDP estimate released today is based on more complete source data than were available for the “advance” estimate which was issued last month.
Mortgage Applications Increase in the Week Ending November 19, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 19, 2021, the Market Composite Index (a measure of mortgage loan application volume) increased 1.8% on a seasonally adjusted basis from one week earlier.
Weekly Jobless Claims Decline Further in the Week Ending November 20, 2021
The U.S. Department of Labor is reporting that an additional 199,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 20, 2021. This is a decrease of 71,000 from the previous week’s revised level, and it’s the lowest level for initial job claims since November 15, 1969.
U.S. Department of Commerce Releases Final Determination for the Second Administrative Review
On November 24, 2021 the U.S. Department of Commerce released its final determination of the antidumping and countervailing duty rates on softwood lumber imports from Canada. The rates (below) will take effect once published in the federal register, which is expected to occur on November 30, 2021.
Interfor Corporation Announces Agreement to Purchase EACOM Timber Corporation
Interfor Corporation announced on Tuesday, November 23, 2021 that it has reached an agreement with an affiliate of Kelso & Company to acquire 100% of the equity and interests of EACOM Timber Corporation. The purchase price is C$490 million on a cash and debt-free basis, which includes C$120 million of net working capital.