Peak Industries finger joint mill held a ribbon cutting ceremony on Wednesday (3-3-21), the first the company says of many ongoing opportunities on the Cranbrook B.C. industrial site. The finger joint mill is located on the former industrial land owned by Tembec, which Peak purchases in November of 2020 for $6 million from the City of Cranbrook.
Wood Markets News
Federal Housing Finance Agency Extends Forbearance to Multifamily Property Owners Through June
The Federal Housing Finance Agency (FHFA) has announced that multifamily property owners who are continuing to struggle to make their mortgage payments due to the coronavirus pandemic have a reprieve through the end of June for mortgages backed by Fannie Mae and Freddie Mac.
Nonfarm Payroll Increases in February 2021
The U.S. Bureau of Labor Statistics (BLS) is reporting that total nonfarm payroll employment increased by 379,000 in February but is down by 9.5 million, or 6.2%, from its pre-pandemic level in February 2020.
30-Year Mortgage Rate Increases to 3.02% in the Week Ending March 4, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 4, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.02% with an average 0.6 point, up from last week when it averaged 2.97%.
Northeastern Minnesota Loggers Dealing with a Challenging Year
For loggers in Northeastern Minnesota, this has been a very difficult year. First came the closure of Verso’s paper mill in Duluth which slashed demand for several species of wood, and then there was the mild winter which has shortened the prime logging season.
Weekly Jobless Claims Decline in the Week Ending 27th February 2021.
The U.S. Department of Labor is reporting that an additional 745,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 27, 2021 — an increase of 9,000 from the previous week’s revised level.
Canadian Building Permits Rise 8.2% in January 2021
Statistics Canada (StatsCan) is reporting that in January 2021, there was a record high total value of building permits issued, increasing 8.2% to $9.9 billion and exceeding the previous record of $9.6 billion set in April 2019.
Year-Over-Year Announced Job Cuts by U.S. Based Companies Decline 57% in February 2021
According to the latest released report by Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, planned job cuts announced by U.S. based companies fell -57% to 34,531 in February from 79,552 in January.
Mortgage Applications Increase in the Week Ending 26th February 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending February 26, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased 0.5% on a seasonally adjusted basis from one week earlier.
Residential Furniture Sales Increase 27% Year-Over-Year in December
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported that December sales were 27% higher year-over-year. The 27% increase was higher than November’s 17% increase, which had been the first month in the past 6 months that orders had slowed somewhat.