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.
Wood Markets News
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.
ADP Reports Private Sector Employment Increased by 571,000 Jobs in October — Nearly 5 Million Year to Date
According to the October ADP® National Employment Report™, nonfarm private sector employment increased by 571, 000 jobs from September to October. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.
Total Value of Building Permits in Canada Increases 4.3% in September
Statistics Canada (StatsCan) reported today (11-2-21) that the total value of building permits in Canada increased 4.3% in September 2021 to $10.1 billion (CAD). Construction intentions in the residential sector were up 8.2%, while the non-residential sector decreased 3.2%. Overall, the residential sector rose 8.2% in September to $6.9 billion.
B.C Provincial Government to Discuss Next Steps on Old-Growth Logging with Release of Advisory Panel Findings
The Canadian press is reporting (11-2-21) that the British Columbia Provincial Government was expected to discuss today the next steps it will take on old-growth logging in the province. Forests Minister Katrine Conroy was scheduled to release the findings of an independent advisory panel established in June to help the province identify at-risk old-growth ecosystems and prioritize them for deferral from logging.
Turkish Küpeliler Endustri AS Places Orders with Siempelkamp for New OSB and Particleboard Plants
Küpeliler Endustri AS — Turkish based business dealing in cement, packaging, and wood-based panel industries — has placed orders with Siempelkamp for a new OSB and particleboard plant. The continuous OSB plant will be the first of its kind to be assembled in Turkey. The second new order was placed by Küpeliler Endustri with its German partner for its particleboard division.
Third Quarter U.S. Residential Vacancies and Homeownership Survey Unchanged from Q2 2021
The U.S. Census Bureau today (11-2-21) announced its Housing Vacancy Survey (CPS/HVS) for Q3 2021. CPS/HVS reveals that the U.S. homeownership rate was flat at 65.4% in Q3. The homeownership rate of 65.4% was -2.0 percentage points lower than the rate in Q3 2020 (67.4%) and virtually the same as the rate in Q2 2021 (65.4%).