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).
Wood Markets News
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.
Housing Affordability in Q3 Remains at its Lowest Level in Nearly a Decade
According to the National Association of Home Builders (NAHB)/Well Fargo Housing Opportunity Index (HOI), housing affordability held steady at its lowest level in nearly a decade. This occurred as higher home prices offset lower mortgage rates to keep the affordability rate flat in Q3 of 2021.
Mortgage Delinquencies Decline in Q3 of 2021
According to the Mortgage Bankers Association’s (MBA) latest National Delinquency Survey (NDS), the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjust rate of 4.88% of all loans outstanding in Q3 of 2021. The delinquency rate was down 59 basis points from Q2 of 2021 and down 277 basis points from one year ago.
Fire at West Fraser’s WestPine MDF Log Yard north of Quesnel, B.C. Destroys a Large Number of Logs
A fire was reported at the West Fraser WestPine MDF log yard, just north of Quesnel, B.C., on Tuesday (11-9-21) at 2:30 PM. Heavy smoke was seen billowing into the cemetery as firefighters were up against very windy conditions. Observers on the scene estimated that thousands of logs were on fire.
HS Timber Group and Forestcape Partner to Build a New Sawmill in Gobernador Virasoro, Argentina
HS Timber Group, along with its Belgian joint-venture partner Forestcape, has announced their intention to build a new sawmill in Gobernador Virasoro, Argentina. The investment will amount to approximately $100 million. The Argentinian joint-venture operates under the name Acon Timber.
KPA Unicon to Invest in Modernization of Existing Boiler Plant at Timber Sawmill in Keitele, Finland
A large-scale modernization investment in an existing boiler plant at the Keitele Timber sawmill located in Keitele, Finland had been agreed upon by KPA Unicon and Keitele Energy. The investment is in cleaner energy production and modernization of the plant’s automation and other systems.