Manulife Investment Management, a diverse private markets business, which includes timberland and agriculture, has announced that Hancock Natural Resource Group Inc has changed its name to Manulife Investment Management Timberland and Agriculture Inc effective today (11-15-21). The change completes the transition of all Manulife Investment Management private markets’ capabilities.
Wood Markets News
Softwood Lumber Board Announces $420K to Match Wood Innovation Grants
The Softwood Lumber Board (SLB) has announced that in 2022, it will provide funding matches for projects under the Wood Innovation Grant Program (WIGP). In 2021, the SLB provided funding matches for three projects under the Wood Innovations Grant Program, each exploring new potential for wood products.
Minster of Forestry Urges Builders to “Think Timber” in the Construction of Ireland’s Homes
The Republic of Ireland’s Senator Pippa Hackett, the Minister of State with responsibility for Forestry, wants to see timber playing a ‘big part’ in the future of construction of Ireland’s homes. The senator made the comments as she launched a series of statements by the National Council for Forest Research and Development (COFORD).
Construction Jobs Analysis Released for September — Layoffs Decline Significantly While Openings Slip
A closer look at the Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS) data for September — with an emphasis on constructions and additional analysis provided by the National Association of Home Builders (NAHB) — reveals that the job openings rate in construction edged down to 4.3% in September, with 333,000 open positions in the sector.
Existing Home Prices in Metropolitan Areas Continued to Soar in Q3 2021
According to the Q3 2021 Metropolitan Median Area Price and Affordability report from the National Association of Realtors® (NAR), strong homebuyer demand and limited housing supply has led to median sales prices rising for existing single-family homes in all but one of 183 measured markets in Q3 of 2021. The NAR found that 78% of 183 markets experienced double-digit year-over-year price increases, fewer than in Q2 of 2021 (94%).
University of Michigan Preliminary Consumer Sentiment Index Declines for November
The University of Michigan today (11-12-21) released its preliminary Consumer Sentiment Index (CSI) for November. The CSI declined to a reading of 66.8 in November, down from 71.7 in October. This is a month-over-month decrease of -6.8% and a -13.1% decrease year-over-year (76.9 in November 2020).
Job Opening and Labor Turnover Survey Released for September 2021
The U.S. Bureau of Labor Statistics (BLS) today (11-12-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for September 2021. According to the report, as of the last business day in September, the number and rate of job openings was little changed at 10.4 million and 6.6%. The record high was 10.9 million set in July 2021.
B.C. Celebrates a Milestone in its Reforestation Effort, Planting its One Billionth Tree Since 2018
On Wednesday (11-10-21), the Province of British Columbia celebrated a milestone in its reforestation efforts. This year, the province recognized planting its one billionth tree since 2018. There were over 300 million trees planted in 2021 throughout the province by around 5,000 silviculture workers.
Sweden’s Setra Announces Plans to Expand Drying Capacity at Heby and Hasselfors Sawmills
Setra, one of Sweden’s largest wood products companies, has announced that it intends to expand its drying capacity at their Heby and Hasselfors sawmills. The investment in both high-capacity drying kilns totals SEK 100 million. In total, Setra has invested more than SEK 1 billion in Bergslagen over the past four years.
Investment in Building Construction in Canada Declines for Fifth Consecutive Month
Statistics Canada (StatsCan) is reporting that investment in building construction declined -0.7% in September to $17.5 billion (CAD), continuing the downward spiral that started in May. A small increase in the non-residential sector helped to offset the decrease in the residential sector.