For the first time in 18 years, roundwood timbers have been successfully transported and delivered by rail to Pontrilas Sawmills in Herefordshire, England. Euroforest Ltd., an independent timber harvesting company, and Colas Rail delivered 400 tons of roundwood timbers from Newton Abbot in Devon to the sawmill site.
Wood Markets News
Mortgage Applications Continued to Decline in the Week Ending February 25, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 25, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased -0.7% on a seasonally adjusted basis from one week earlier.
Canadian Real GDP Increased Quarterly in Q4, Rounding Out a Year-Over-Year Gain in 2021
Statistics Canada (StatsCan) reported on Tuesday (3-1-22) that real gross domestic product (GDP) in Canada grew 1.6% in Q4 2021, following a 1.3% rise in Q3 2021. Real GDP posted a strong 4.6% growth in all of 2021, after the COVID-19 pandemic-induced decline (-5.2%) in 2020. Final domestic demand rose 0.7% in Q4 2021.
ADP Reports Private Sector Employment Increased in February
According to the February ADP® National Employment Report™, released today (3-2-22), nonfarm private sector employment increased by 475,000 jobs from January to February. ADP’s chief economist said, “Hiring remains robust but capped by reduced labor supply post-pandemic. Last month, large companies showed they are well-poised to compete with higher wages and benefit offerings.”
Potential Impacts of Russia-Ukraine Conflict on Softwood Log and Lumber Markets
Sanctions on Russia will severely limit its ability to participate in international trade, but the impacts to its softwood log and lumber trade are likely to be less affected than other industries.
Canfor Completes Purchase of Millar Western Forest Products Ltd.’s Solid Wood Operations
Canfor Corporation announced today (3-1-22) that it has finalized and completed the purchase of Millar Western Forest Product Ltd.’s solid wood operations, which was originally announced on December 16, 2021. Don Kayne, President and CEO, Canfor said, “We are very excited to welcome the employees at the Whitecourt, Fox Creek, and Spruceland facilities to the Canfor team.”
Residential Construction Loan Volume Reaches Post-Great Recession High Levels in Q4 2021
According to data provided by the FDIC, with further analysis provided by the National Association of Home Builders (NAHB), residential construction loan volume during Q4 2021 reached a post-Great Recession high, as home building activity posted gains for the entire year. According to the report, the volume of 1–4-unit residential construction loans made by FDIC-insured institutions increased 1% during Q4 of 2021.
U.S. Construction Spending Up Month-Over-Month and Year-Over-Year in January 2022
On Tuesday (3-1-22), the U.S. Census Bureau reported that total construction spending during January 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,677.2 billion, 1.3% above the revised December estimate of $1,655.8 billion. The January figure is 8.2% above the January 2021 estimate of $1,549.8 billion.
Canadian Real GDP Unchanged in December
Statistics Canada (StatsCan) reported today (3-1-22) that the real gross domestic product (GDP) was virtually unchanged in December, following six consecutive months of growth. Growth in services-producing industries (+0.1%) was offset by a decline in goods-producing industries (-0.1%).
Wisdome Stockholm to be Sweden’s National Museum of Science and Technology Showcase of Climate-Friendly Construction
Sweden’s National Museum of Science and Technology is soon to be home of Wisdome Stockholm, a scientific experience arena located within the museum. Designed by architects Elding Oscarson, the 1,325 square meter building, which features a vaulted roof, will be home to a globe-shaped dome theatre of 21.6 meters in diameter hosting a 3D cinema with a spherical screen.