Wood Markets News


Census Bureau’s Survey of Market Absorption of Apartments Moves Higher on Strong Demand and Low Vacancies

According to data from the recently released U.S. Census Bureau’s Survey of Market Absorption of Apartments (SOMA) and further analysis provided by the National Association of Home Builders (NAHB), the multifamily sector saw continued improvement in Q2 of 2021 due to strong demand and low vacancy rates. The absorption rate of unfurnished, unsubsidized apartments rose by 15 percentage points to 72% in Q2 of 2021.

B.C. Government Provides Update on Progress in Old-Growth Forest Deferrals

On Thursday (12-16-21), the B.C. government released a progress report on the steps taken since they announced in early November that harvesting would immediately cease in 2.6 million hectares of old-growth forests. The report noted that the government was making progress on the recommendations of its Old Growth Strategic Review Panel and is continuing to work with First Nations.

B.C. Government Hears from 161 First Nations on Old-Growth Deferral Plan

In early November, the B.C. government announced that its expert panel had mapped out 26,000 square kilometers of old-growth forest at risk of permanent biodiversity loss. At that time, the government asked more than 200 First Nations in the province to decide within 30-days whether they would support the planned deferrals in those area, or if the plan required further discussion.

Syilx Okanagan Nation Rejects B.C.’s Process to Identify Old-Growth Forests

On Friday (12-17-21), the Syilx Okanagan Nation, the tribal council representing seven area First Nations, said they are rejecting the process that the B.C. province has used to identify old-growth forests. The Okanagan Nation Alliance (ONA) chair Clarence Louie slammed the province’s consultation process as “inadequate and superficial,” noting all of the Syilx community forestry companies have been left out.

Multifamily Construction Continues its Shift to the Suburbs

According to the latest release of the National Association of Home Builders’ (NAHB) Home Building Geography Index (HBGI), the trend of apartments and other multifamily residential construction continued to shift to suburban areas in Q3 2021. According to the HBGI between Q3 of 2020 and 2021, the share of new multifamily permits fell from 40.5% to 37.9% in large metro core markets.

Leading Economic Index® for U.S. Climbs Higher in November

The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (12-20-21) the Leading Economic Index® (LEI) for the U.S. in November. According to the report, the LEI for the U.S. increased by 1.1% in November to a reading of 119.9 (2016=100), following a 0.9% increase in October and a 0.3% increase in September.

Teal Jones to Build New Sawmill Facility in Bossier Parish, Louisiana

Teal Jones, a 70-year-old, family-owned company based in British Columbia, Canada, today announced that the company is looking forward to bringing a $110.5 million Southern Yellow Pine lumber mill to Bossier Parish, Louisiana. To become a reality, the company is pursuing a payment in lieu of taxes agreement with local taxing entities. Teal Jones expects to source southern yellow pine timber from their landowner partners in this project, as well as other regional suppliers.