On November 24, 2021 the U.S. Department of Commerce released its final determination of the antidumping and countervailing duty rates on softwood lumber imports from Canada. The rates (below) will take effect once published in the federal register, which is expected to occur on November 30, 2021.
Wood Markets News
Interfor Corporation Announces Agreement to Purchase EACOM Timber Corporation
Interfor Corporation announced on Tuesday, November 23, 2021 that it has reached an agreement with an affiliate of Kelso & Company to acquire 100% of the equity and interests of EACOM Timber Corporation. The purchase price is C$490 million on a cash and debt-free basis, which includes C$120 million of net working capital.
Canadian Pacific Railway to Reopen Line Between Kamloops and Vancouver on Tuesday
The Canadian Pacific Railway (CP) said on Monday (11-22-21) that it expects to reopen its rail line from Kamloops to Vancouver by midway on Tuesday (11-23-21). According to a statement released by Keith Creel, CP president and CEO, the railway will be working to “clear the backlogs as quickly and efficiently as possible.”
Segezha Group Supplying Japanese Market with Glue Laminated Timber and Structural Beams
Segezha Group, a subsidiary of Sistema PJSFC, has begun supplying the Japanese market with glue laminated timber and structural glue laminated beams. The first shipment (10 containers) shipped from the Sokol Woodworking Plant JSC and was sold to the Sojitz Building Materials Corporation.
Kronospan to Invest 180 Million Euros to Build New Factory in Spain
Kronospan, the Austrian multinational corporation dedicated to the manufacturing and distribution of wood panels, plans to invest 180 million euros to build a new factory in in the Catalunya Sud industrial estate in Tortosa (Tarragona), Spain. The announcement of the new factory is the largest foreign investment in Terres de l’Ebre.
Multifamily Condo Construction Projects Increased Modestly in Q3 2021
According to the latest quarterly U.S. Census Bureau data, with further analysis provided by the National Association of Home Builders (NAHB), the market share of rental units of multifamily construction starts declined to a reading of 93.4% in Q3 2021. This is the lowest share since Q1 2020. From a historical perspective, the lowest share of 47% was set during Q3 of 2005 during the condo building boom.
Home Value Appreciation Slows for Third Consecutive Month in October
Home value appreciation slowed for the third consecutive month in October 2021, according to Zillow’s latest Home Value Index (ZHVI). However, home values rose 1.3% above September, slower than the all-time high monthly appreciation of 2% in July 2021. Zillow has found that the typical home value in the U.S. is now up to $312,728.
Biden Administration Proposes Reinstatement of Ban on Roads in Alaska’s Tongass National Forest
The fight over whether or not to ban roads on the more than 9 million acres of Alaska’s Tongass National Forest has been ongoing on for over 20 years. The Biden administration plans on settling that question once and for all. The restrictions had managed to stay in place for years through a series of court battles; however, the Trump administration reversed those legal decisions.
Auburn University Faculty and Fellow Scientists Look at 3-D Printing as an Option to Address Lack of Affordable Rural Housing
Several Auburn University faculty members and fellow scientists will be joining in an interdisciplinary project to address the hard-hitting reality that affordable housing is out of the reach of many Americans living in rural areas. The study, which spans the disciplines of engineering, chemistry, forest resources and architecture, also draws strongly upon the expertise of scientists at its partner institution, the University of Idaho.
Home Purchasing Demand Continues to Soar to New Record Highs
Redfin, the Seattle-based, technology-based real estate brokerage, is reporting that their Redfin Homebuyer Demand Index (HDI) for the week ending November 14, 2021 hit a new all-time high since at least 2017. The HDI is a seasonally adjusted measure of requests for home tours and other home-buying services.