British Columbia’s tall wood initiative, which permits mass timber residential and commercial development up to 12 stories, is expanding with 21 communities now participating. The City of New Westminster is the latest to join the growing list of B.C. municipalities.
Wood Markets News
Mortgage Rates Fall in the Week Ending November 4, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 4, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, down from last week when it averaged 3.14%. A year ago, at this time, the 30-year FRM averaged 2.78%.
Weekly Jobless Claims Continued to Decline in the Week Ending October 30, 2021
The U.S. Department of Labor is reporting that an additional 269,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 30, 2021. This is a decrease of 14,000 from the previous week’s revised level and the lowest level for initial job claims since March 14, 2020, when it was 256,00.
Challenger Reports U.S. Job Cuts Increased 27.5% in October
According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C) Inc., a global outplacement and business and executive coaching firm, U.S.-based employers’ announced job cuts rose by 27.5% in October to 22,822 — up from the 17,895 announced in September. This is the highest monthly total since May 2021, when 24,586 cuts were recorded.
Huuay-aht First Nations Respond to B.C. Ministry of Forests’ Proposed Old Growth Deferral Plan
The British Columbia Ministry of Forests, Lands, and Natural Resource Operations announced their proposed old growth deferral based on the advice and recommendations of the Old Growth Technical Advisory Panel (TAP) established in 2021. According to a statement, from the Huuay-aht First Nations, deferrals within their traditional territory will not be implemented without further review by the first nations.
U.S. Wildfire Season Continues to Burn into November with Six Large Uncontained Wildfires Reported
The U.S. wildfire season continues to burn into November. Last Friday (10-29-21), the National Interagency Fire Center reported there are wildfire fighters deployed trying to contain 6 large wildfires burning on over 336,400 acres nationally. Three new large fires were reported on Friday — two in Texas and one in Colorado.
Glennon Brothers Completes Purchases of Co Fermanagh-based Balcas
In May, Glennon Brothers announced its plans to purchase Co Fermanagh, Ireland-based Balcas from its owner SHV Energy, subject to approval from competition regulators. Those approvals have now been completed. Balcas was established in Enniskillen, Northern Ireland in 1962 and consists of two divisions, Balcas Timber and Balcas Energy. Combined, the business has a turnover of £108 million a year.
Colorado Based Timber Age Systems Inc. Expands Manufacturing of Recycled Low-Cost Wood Building Products
Timber Age Systems Inc., a Durango, Colorado based company that specializes in making cross-laminated timber (CLT) for sustainable building projects, has announced its plans to expand its manufacturing capacity and develop a new facility after receiving a grant from the Colorado Department of Public Health and Environment’s Recycling Resources Economic Opportunity Program.
Elevated Home Prices Continue to Discourage a Portion of Prospective Buyers
Further data from the National Association of Home Builders’ (NAHB) latest Housing Trends Report (HTR) reveals that the share of prospective buyers who are actively searching for a home declined in three of the four Census regions between the Q2 and Q3 of 2021: in the South, from 58% to 51%; in the West, from 72% to 65%; and in the Northeast, from 66% to 65%.
Mortgage Applications Decline in the Week Ending October 29, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS) for the week ending October 22, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -3.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased by -4% compared with the previous week.