Western Australia (WA) Premier Mark McGowan has announced an effort to preserve an estimated two million hectares of vegetation by banning logging of native forest in WA starting at the end of 2023. The changes will be contained in a new Forest Management Plan, due for release shortly, that from 2024 will ban the removal of timber from native forests besides for “limited forest management activities…
Wood Markets News
Mortgage Applications Decline for Second Consecutive Week in the Week Ending September 3, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 3, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -1.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -3% compared with the previous week.
Maine’s First Complete Mass Timber Structure Being Built at Bowdoin College in Brunswick
Brunswick, Maine’s Bowdoin College is soon to become home of the first complete mass timber commercial structure in the state of Maine and also the first commercial structure in Maine to utilize a mass timber lateral system to resist wind and seismic loads.
Mortgages in Forbearance Decline for 27th Consecutive Week in the Week Ending August 29, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 2 basis points from 3.25% of servicers’ portfolio volume in the prior week, to 3.23% as of August 29, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans.
Job Opening and Labor Turnover Survey for July 2021
The U.S. Bureau of Labor Statistics (BLS) today (9-8-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for July 2021. According to the JOLTS report, as of the last business day in July, the number and rate of job openings was at a series record high of 10.9 million, or +749,000. The job openings rate increased to 6.9%.
78 Large Wildfires Continue to Burn in the Western US — Only 2 are Contained
The National Interagency Fire Center reported today (9-7-21) that there are 78 large fires or complexes currently burning in the U.S. Those wildfires have burned more than 1.9 million acres in 10 states. That is up one from Monday’s report.
Residential Construction Continues its Shift Towards the Suburbs and Lower-Cost Market in Q2 2021
According to the latest National Association of Home Builders (NAHB) Home Building Geography Index (HBGI), in Q2 of 2021 residential construction continued its shift towards the suburbs and lower-cost markets, and this trend is particularly evident within the multifamily sector.
Price per Square Foot of New Custom Single-Family Homes Increased 8% in 2020
According to the National Association of Home Builder’s analysis of the latest Survey of Construction (SOC) data, which comes from interviews of builders and owners of selected new houses, the median square foot price in a new custom single-family detached (SFD) homes started in 2020 increased 8%. Excluding ‘soaring’ improved lot values, the average SFD increased 4%.
Brazilian Exports of Wood-Based Products Increased 74% Year-Over-Year in July 2021
According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products (except pulp and paper) increased 74% in value year-over-year from US$269.7 million in July 2020 to US$468.9 million in July 2021. Pine sawnwood exports grew 51% in value between July 2020 (US$48.9 million) and July 2021 (US$73.7 million).
Smith Leonard Residential Furniture Sales Increase 7% Year-Over-Year in June
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported that June 2021 sales were 7% higher year-over-year. In the survey report, Smith Leonard points out that the results of their monthly survey of residential furniture manufacturers and distributors have shown significant swings when comparing to the previous year’s monthly results.