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.
Wood Markets News
One Sky Forest Products Moving Forward with Development of OSB Plant in Prince Albert, Canada
One Sky Forest Products Ltd., working together with its Indigenous partners, is moving forward with the development of a best-in-class, low-cost commodity Oriented Strand Board (OSB) facility in Prince Albert, Saskatchewan, Canada. Construction of the new facility is scheduled to start in Q3 2022, with start up targeted for 2023.
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.
Nova Scotia Forestry Innovation Transition Trust Investing $9.8 Million in the Family Forest Network
Established following the closure of the Northern Pulp Mill in New Glasgow, Nova Scotia in January 2020, the Nova Scotia Forestry Innovation Transition Trust recently announced that it is investing $9.8 million (CAD) in the Family Forest Network (FFN) for a five-year pilot project. It will focus on ecologically sensitive forest treatments on 200 small private wood lots in the province.
Metsä Wood and Partners Design Hybrid Sandwich Wall Element, Combining Concrete with Kerto LVL
Metsä Wood and its partners have developed a hybrid sandwich wall element that they believe will renew offsite construction. The innovation combines concrete with Kerto LVL (laminated veneer lumber). The lighter weight of the hybrid sandwich wall elements proved to be a valuable benefit.
Housing Market Continues to Cool as the Year Winds Down
According to the latest U.S. Zillow Home Value Index (ZHVI) report, the quieting that started in housing market in late summer has rolled over into the early fall. Prospective buyers are finding slightly more selection, an increase in price cuts, and a bit more time to evaluate a home before it goes under contract.
Canadian Consumer Price Index Increases in September
Statistics Canada (StatsCan) reported today (10-20-21) that the Canadian Consumer Price Index (CPI) increased 4.4% year-over-year in September. The September increase was at the fastest pace since February 2003. Prices rose year-over-year in every major component.
Mortgage Applications Dip in the Week Ending October 15, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending October 15, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -6.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -6% compared with the previous week.
U.S. Housing Starts, Permits, and Completions All Move Lower in September
On Tuesday, the U.S. Census Bureau reported that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,555,000. This is -1.6% below the revised August rate of 1,580,000 but is 7.4% above the September 2020 rate of 1,448,000. Single-family housing starts in September were at a rate of 1,080,000, virtually unchanged from the revised August figure.
The Westervelt Company and Caisse de dépôt et placement du Québec Announce New Strategic Partnership for Sustainable Forest Management with Acquisition of 76,000 Acres of Pine Timberland in Georgia
In a joint announcement on Monday (10-18-21), The Westervelt Company and Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced the acquisition of more than 76,000 acres (307 km2) of high-quality pine timberland and the creation of a new strategic partnership that will focus on sustainable timberland management.