The U.S. Census Bureau reported that new residential single-family home sales for February 2021 were at a seasonally adjusted annual rate of 775,000, according to estimates. This is -18.2% below the revised January 2021 rate of 948,000 but is 8.2% above the February 2020 estimate of 716,000.
Wood Markets News
Lack of Available U.S. Forest Service Timber for Sale in the Black Hills Forces Neiman Enterprises to Close Hill City South Dakota Sawmill
Neiman Enterprises has announced that after 53 years of continuous operation, the company has decided to shutter its Hill City, South Dakota sawmill. In discussing the closure, Jim D. Neiman, President of Neiman Enterprises said, the mill closure is outside of the company’s control and comes as the result of a reduction in the amount of timber being sold by the U.S. Forest Service in the Black Hills.
Washington State Looks to Forest Lands for More than Just Logging
Washington state’s Department of Natural Resources (DNR) recently held a timber auction to sell off part of a 180-acre patch of state forestland where some of the state’s largest Douglas firs have stood through more than a hundred years of logging. The sale netted the state $4.2 million, and the trees were headed for a plywood mill.
Washington D.C. First Commercial Building Made of Mass Timber Under Construction
The first commercial office building made of mass timber in Washington D.C. will be leased to the American Trucking Association (ATA). The 80 M Street project was commissioned by Columbia Property Trust and designed by architecture firm Hickok Cole. The project will add 105,000 square feet and two new floors to an existing seven-story office building at 80 M Street.
Existing Homes Sales Drop 6.6% in February but Year-Over-Year are up 9.1%
The National Association of Realtors® (NAR) is reporting that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — in February were -6.6% below January to a seasonally adjusted rate at 6.22 million homes.
Canadian Pacific Railway and Kansas City Southern Railroad Agree to Merge – Creating North America’s First Railroad Network to Connect Canada, the U.S. and Mexico
The Canadian Pacific Railway Limited (CP) and the Kansas City Southern (KCS) announced on Sunday, March 21, 2021 that they have entered into a merger agreement under which CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD $29 billion, which includes the assumption of $3.8 billion of outstanding KCS debt.
Oregon Wildfire Log Salvaging Could Bring Counties Funds and Environmental Challenges
There are 18 counties in Oregon that get a share of timber revenue off Bureau of Land Management (BLM) land known as O & C lands. Those lands are named after the Oregon and California Railroad, which was granted land by the federal government in the 1800s as an incentive to build railroad lines. The federal government later took the land back.
Year-Over-Year Home Prices Post 17% Increase While Active Listings Decline by 42%
Redfin, the Seattle-based technology-powered real estate brokerage company, is reporting that for the 4-week period ending on March 14, 2021, the median home sales price increased 17% year-over-year to $330,250 — an all-time record in this data set, which dates back through 2016.
Building with Mass Timber Will Make the Two New Vancouver B.C. Schools More Earthquake Resistant
The Canadian government has announced that it is investing $1.48 million (CAD) to help in the construction of two schools built with mass timber that will be more resistant to earthquakes. The funding comes from the Department of Natural Resources under a program that encourages the use of wood in innovative construction projects such as tall wood buildings, low-rise nonresidential buildings, and bridges.
Canadian Employment Loses 108,000 Jobs Between January and February 2021
According to the ADP® February 2021 Canada National Employment Report, which is produced by the ADP Research Institute®, employment in Canada decreased by 108,000 jobs from January to February. The report, which is derived from actual ADP payroll data, measures the change in total nonfarm payroll employment each month on a seasonally adjusted basis.