Unrelenting building demand, the result of the COVID-19 pandemic, amongst other things, has kept U.S. sawmills from being able to catch up with that unabated demand. With U.S. builders needing lumber coverage, but rarely asking about price, suppliers have been forced to look for product sources apart from their traditional suppliers.
Wood Markets News
Hankins Lumber Company Expanding in Northern Mississippi with $ 12 Million Sawmill Investment
Hankins Lumber Company of Grenada County Mississippi is investing more than $12 million into a sawmill that will be called Hankins Timbers. The facility will produce about 40 million board feet per year.
Investment in Canadian Building Construction Rose 5.9% in March 2021
Statistics Canada (StatsCan) reported on Wednesday (5-12-21) that investment in Canadian building construction rose 5.9% to $18.6 billion (CAD) in March 2021. For the eleventh consecutive month, residential construction investment also increased, rising 7.6% to $14.0 billion (CAD) in March 2021.
Consumer Price Index for All Urban Consumers Increases 0.8% in April; Up 4.2% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) announced on Wednesday (5-12-21) the Consumer Price Index for all Urban Consumers (CI-U) increased 0.8% in April, on a seasonally adjusted basis, after rising 0.6% in March. Over the last 12 months, the all items index increased 4.2% before seasonal adjustment.
Mortgage Applications Increase 2.1% in Week Ending May 7, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending April 30, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 2.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2% compared with the previous week.
U.S. Bureau of Labor Statistics Reports Construction Sector Hiring Increased in March
A deeper dive into the recent (5-11-21) Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS) provided by the National Association of Home Builders (NAHB) looking specifically at the construction sector reveals that the housing market remains robust, and as a result additional labor is required.
Interfor Corporation Reports on Strategic Capital Investments Projects
In reporting on their Q1 2021 results, Interfor Corporation announced capacity-expanding spending projects. Interfor stated that the company has received Board approval to proceed with strategic capital investments at its sawmills in Castlegar, BC and Perry, Georgia of approximately $35 million and US$30 million, respectively.
Structurlam Mass Timber Corp. Prepares for the Opening of Their Newest Laminated-Timber Production Facilities in Conway, Arkansas
Structurlam Mass Timber Corp. has announced that they are on schedule for a June 1, 2021 opening of one of the world’s largest laminated-timber production facilities in Conway, Arkansas. The Conway facility will be the largest mass-timber producer in North America and joins the manufacturing plant that Structurlam has been operating in British Columbia for about 60 years.
Kaamos Timber Investing in a New Sawmill in Mozyr Belarus, Selects Mühlböck as their Drying Technology Partner
Kaamos Timber, the Estonian wood industry company founded in 2003, has announced it is investing in a new sawmill in Mozyr, Belarus and they have selected Mühlböck as their drying technology partner. The new sawmill will incorporate the use of the Mühlböck dry kilns 1306 PRO.
Shares of Mortgages in Forbearance Decline for Ten Consecutive Weeks in Week Ending May 2, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 11 basis points from 4.47% of servicers’ portfolio volume in the prior week, to 4.36% as of May 2, 2021. According to MBA’s estimate, 2.2 million homeowners are in forbearance plans.