According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending May 14, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 1.2% from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.
Wood Markets News
Canadian Consumer Price Index Increases 3.4% Year-Over-Year in April
According to Statistics Canada (StatsCan), the Canadian Consumer Price Index (CPI) increased 3.4% on a year-over-year basis — its fastest pace since May 2011, up from March’s gain of 2.2% gain. On a seasonally adjusted monthly basis, the CPI rose 0.6% in April.
EACOM Timber Corp. Resumes Production at Timmins Ontario Sawmill After COVID-19 Outbreak
EACOM Timber Corp. has announced that their Timmins sawmill is back in operation after a temporary shutdown last week due to a COVID-19 outbreak that was reported on May 12, 2021 at the site. The sawmill is currently running one shift instead of the usual two.
USNR Signs Major Contracts for Wood Processing Systems in Europe and North America
USNR, the wood processing technology supplier based in Woodland, Washington, is reporting that they have signed a number of major contracts over the past several months. A €13m contract was signed in late 2020 with Tschopp Holzindustrie AG in Switzerland for a new saw line.
Housing Starts, Permits and Completions Decline Month-Over-Month in April but Remain Up Year-Over-Year
The U.S. Census Bureau has reported that privately‐owned housing starts in April were at a seasonally adjusted annual rate (SAAR) of 1,569,000. This is -9.5% below the revised March estimate of 1,733,000 but is 67.3% above the April 2020 rate.
Working with Timber Think Tank Brings Together Experts to Discuss and Celebrate the Design and Timber Industry
A recent Think Tank entitled “Working with Timber – New Possibilities for Design, Construction and Sustainability” brought experts from the design and timber industry together to discuss and celebrate this remarkable transformation.
Shares of Mortgages in Forbearance Decline for Eleventh Consecutive Week in Week Ending May 9, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 14 basis points from 4.36% of servicers’ portfolio volume in the prior week to 4.22% as of May 9, 2021. According to MBA’s estimate, 2.1 million homeowners are in forbearance plans.
Extra Alarm Fire Reported at GP Mount Jewett Medium Fiberboard Plant
There were no reported injuries at an extra alarm fire at the Georgia Pacific Medium Density Fiberboard plant in Mount Jewett, Pennsylvania early on Monday morning (5-17-21).
Weyerhaeuser Announces $157 Million Investment to Upgrade Holden, Louisiana Facility
Louisiana Gov. John Bel Edwards and Weyerhaeuser Corporation have jointly announced that the company plans to make a two-phased $157 million capital investment in its Holden, Louisiana facility. Weyerhaeuser plans to upgrade and modernize the sawmill to produce longer-length lumber, add a new planer mill, and upgrade and add two new continuous dry kilns for increased drying capacity.
Demand for Lumber Continues to Rise but Not the Number of New Sawmill Facilities
The sawmill business is and has always been cyclical. Today North America’s sawmills cannot keep up with demand, resulting in wood prices that are at historical levels and are continuing to climb higher. However, sawmill owners and their executive teams are overall not in a rush to build new facilities.