Michigan State University, located in East Lansing, Michigan, has taken a former 1940’s power plant and integrated with two laboratory wings to create an Innovation Center for Learning and Technology. The 176,000gsf teaching facility was the first building in Michigan to use cross-laminated timber (CLT) as its load-bearing structure.
Wood Markets News
Mortgages in Forbearance Decline at Slowest Rate in Over a Year in the Week Ending August 15, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 1 basis point from 3.26% of servicers’ portfolio volume in the prior week to 3.25% as of August 15, 2021. According to MBA’s estimate, 1.6 million homeowners are in forbearance plans.
Rent Prices Move Higher Rapidly — Strong Recovery Underway
Zillow®, the Seattle-based, online real estate marketplace company, revealed in their latest housing market report that a strong and widespread recovery of rents has pushed prices beyond where they would have been had the COVID-19 pandemic never have occurred. Nationally, typical monthly rents rose to $1,843 in July, surpassing June’s record appreciation and rising 9.2%, or $156, above July 2020.
Woodgrain Inc. to Expand Operations in Southwest Virginia
Virginia Governor Ralph Northam announced on Friday (8-20-21) that Woodgrain Inc., a family-owned business based in Idaho and one of the largest millwork companies in the world, will be investing $9 million to expand its operation in Smyth County and investing more than $8 million to purchase and expand the former Independence Lumber sawmill in Grayson.
93 Wildfires Currently Burning in 13 States Across the U.S. — Only 1 Partially Contained
As of Monday morning on August 23, the NIFC is reporting 93 large fires and complexes nationally have burned 2,503,430 acres. Only one of those fires is being reported as partially contained. The Little Sleep Fire near Wanblee, South Dakota reported extreme fire behavior yesterday.
Existing Home Sales in July Up 2% Month-Over-Month and 1.5% Year-Over-year
On Monday, the National Association of Realtors® (NAR) reported that total existing home sales, which are completed transactions for single-family homes, townhomes, condominiums and co-ops, increased 2.0% from June to a seasonally adjusted rate at 5.99 million homes in July. This marks the second consecutive month of increases. Year-over-year sales are up 1.5% (5.90 million July 2020).
Glennon Brothers Awarded Forestry and Land Scotland Contract
Thanks to a new contract awarded by the Forestry and Land Scotland (FLS), Glennon Brothers, a timber processor in Troon, will be able to create 25 new jobs by adding a third shift at their sister business Alexanders Timber Design.
Gains in Residential and Non-Residential Construction Employment Reported in July
A closer look at the latest Bureau of Labor Statistics nationwide total nonfarm payroll for July, with a specific focus on construction employment and analysis provided by the National Association of Home Builders (NAHB), reveals that across the 48 states which reported construction sector jobs data — which includes both residential as well as non-residential construction — 29 states reported an increase in July compared to June, while 17 states lost construction sector jobs.
U.S. Court of International Trade Rules Quick Tariff Reviews Overstepped Commerce Dept. Authority
A rule that allowed foreign producers, such as Canadian lumber producers, to quickly apply for lower countervailing duty rates if they weren’t individually investigated by the U.S. Commerce Department in its original duty inquiry has been eliminated in a decision handed down by the U.S. Court of International Trade.
Custom Home Building Posts Gains in Spring 2021
Results of the U.S. Census Bureau Data from the Quarterly Starts and Completions by Purpose and Design Survey, with analysis provided by the National Association of Home Builders, indicated that custom home building (those are homes not intended for sale) posted the second-best quarter since the Great Recession during the spring of 2021.