Wood Markets News


Home Builders Report Availability of Developed Lots as Low to Very Low

The NAHB/Wells Fargo Housing Market Index (HMI) had a special question included in their September 2021 survey. The question asked builders about the availability of developed lots in their areas. The response indicates that home builders are facing supply side challenges similar to other U.S. industries — the shortage of labor and materials.

British Columbia’s Forest Minister Introduces Bill to “Reshape” Provincial Forest Management

On Wednesday (10-20-21), Katrine Conroy, British Columbia’s Forests, Lands, Natural Resource Operations and Rural Development Minster, introduced a bill to amend the Forest and Range Practices Act, saying it would “reshape” forest management in the province. Conroy told the legislature that the proposed changes align forestry legislation with the Declaration on the Rights of Indigenous Peoples Act passed in late 2019 and introduce “new tools to establish resilient forests.”

The U.K. Government to Promote the Use of Timber in Low-Rise Construction

The United Kingdom’s government yesterday (10-20-21) released its 368-page “Net Zero Strategy Report.” In the report, the government acknowledges that “felled trees store carbon within them and timber has the lowest carbon of any mainstream building material.” The report goes on to say the UK government would “promote the safe use of timber construction” through several measures.

Existing Home Sales Jump 7.0% in September

The National Association of Realtors® (NAR) reported today (10-21-21) that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums, and co-ops — increased 7.0% from August to a seasonally adjusted rate at 6.29 million homes in September. Year-over-year, however, sales are down -2.3% (6.44 million September 2020).

Leading Economic Index® for U.S. Modestly Higher in September

The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (10-21-21) the Leading Economic Index® (LEI) for the U.S. in September. According to the report, the LEI for the U.S. increased by 0.2% in September to 117.5 (2016 = 100). This follows a 0.8% increase in August and a 0.9% increase in July.

Mortgage Rates Climb Higher in the Week Ending October 21, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 21, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, up from last week when it averaged 3.05% percent. A year ago, at this time, the 30-year FRM averaged 2.80%.

Weekly Jobless Claims Decline in the Week Ending October 16, 2021

The U.S. Department of Labor is reporting that an additional 290,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday October 16, 2021. This is a decrease of 6,000 from the previous week’s revised level and the lowest level for initial job claims since March 14, 2020, when it was 256,000.

Intelligent City Opens First Robotically Automated Urban Housing Factory

“We are now the first in the world to use advanced robotics to automatically assemble mass timber building systems that have been tested to meet the latest building code and net zero standards,” Intelligent City Co-Founder Oliver Lang says. The company is currently working on project totaling 2880 homes in Canada and 1400 homes in the U.S., many of which are supported by BC Wood.