The U.S. Department of Labor is reporting that an additional 332,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, September 11, 2021. This is an increase of 20,000 from the previous week’s revised level.
Wood Markets News
Canadian Pacific Railway and Kansas City Southern Lines Officially Announce Merger Plans
With the Canadian National Railway (CN) bid’s withdrawn, the Canadian Pacific Railway (CP) and the Kansas City Southern Lines (KCS) have jointly announced today (9-15-21) that they have entered into a merger agreement. Under the terms, the CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD$31 billion, which includes the assumption of $3.8 billion of outstanding KCS debt.
British Columbia Ends Provincial State of Emergency for Wildfires
The B.C. wildfire season came one step closer to coming to an ending with the province’s announcement on Tuesday evening (9-14-21) that it was lifting the provincial state of emergency. The state of emergency, which was put in place on July 20, 2021, came into effect to co-ordinate the response to one of the worst wildfire seasons on record.
Softwood Lumber Pricing Drags Down the Canadian Industrial Product Price Index in August
Statistics Canada (StatsCan) released today (9-15-21) its early/flash estimates of the Industrial Product Price Index (IPPI) for August. The final version will be released on September 29th. According to the early release, the IPPI decreased -0.3% month-over-month in August.
Structurlam Ready to Lead Climate-Smart Construction with New Facility Ready to Open in Conway, Arkansas
Hardy Wentzel, a 40-year veteran of the timber sector and CEO of Structurlam, the Penticton, B.C.–based firm, reports that Structurlam is close to commissioning their first U.S. plant in Conway, Arkansas. The new 287,000-square-foot facility will produce glulam and CLT.
Mortgage Applications Increase Marginally in the Week Ending September 10, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 10, 2021 (with an adjustment for the Labor Day holiday), the Market Composite Index — a measure of mortgage loan application volume — increased 0.3% on a seasonally adjusted basis from one week earlier.
B.C. Ministry of Forests Releases Strategic Review Entitled “A New Future for Old Forests”
British Columbia’s Ministry of Forests on Saturday (9-11-21) released the government mandated old growth strategic review, entitled “A New Future for Old Forests.” It was written by two retired foresters, Garry Merkel and Al Gorley, who spent months touring the province talking to stakeholders about how the trees, some more than 1,000 years old, should be logged and protected.
Ukraine May Allow Export of Roundwood and Green Lumber by Year’s End
The adoption of a Ukraine law that would permit the export of roundwood and green lumber is anticipated to have final approval prior to the end of the year. As written, the new law does not pose a significant threat to the country’s forest resources and relate businesses.
Apple’s Former Design Director BJ Segal Establishes Juno a Mass Timber Housing Company
BJ Segal, Apple’s former design director, has recently established a mass timber housing company named Juno. Architect Segal, who worked for 19 years designing Apple stores — most recently as senior design director of real estate and development — believes that Juno can create housing that dispels people’s preconception about modular buildings.
Manufactured Sales in Canada Fell -1.5% in July with Wood Products Leading the Decline
Statistics Canada (StatCan) reported today (9-14-21) that manufacturing sales fell -1.5% in July to $59.6 billion (C$), following a 3.6% increase in June. Sales were down in 12 of 21 industries, led by the wood products’ decline of -21.8% and aerospace products and parts falling -19.0%.