Statistics Canada (StatsCan) released today (9-15-21) its early/flash estimates of the Industrial Product Price Index (IPPI) for August. The final version will be released on September 29th. According to the early release, the IPPI decreased -0.3% month-over-month in August.
Wood Markets News
Structurlam Ready to Lead Climate-Smart Construction with New Facility Ready to Open in Conway, Arkansas
Hardy Wentzel, a 40-year veteran of the timber sector and CEO of Structurlam, the Penticton, B.C.–based firm, reports that Structurlam is close to commissioning their first U.S. plant in Conway, Arkansas. The new 287,000-square-foot facility will produce glulam and CLT.
Mortgage Applications Increase Marginally in the Week Ending September 10, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 10, 2021 (with an adjustment for the Labor Day holiday), the Market Composite Index — a measure of mortgage loan application volume — increased 0.3% on a seasonally adjusted basis from one week earlier.
B.C. Ministry of Forests Releases Strategic Review Entitled “A New Future for Old Forests”
British Columbia’s Ministry of Forests on Saturday (9-11-21) released the government mandated old growth strategic review, entitled “A New Future for Old Forests.” It was written by two retired foresters, Garry Merkel and Al Gorley, who spent months touring the province talking to stakeholders about how the trees, some more than 1,000 years old, should be logged and protected.
Ukraine May Allow Export of Roundwood and Green Lumber by Year’s End
The adoption of a Ukraine law that would permit the export of roundwood and green lumber is anticipated to have final approval prior to the end of the year. As written, the new law does not pose a significant threat to the country’s forest resources and relate businesses.
Apple’s Former Design Director BJ Segal Establishes Juno a Mass Timber Housing Company
BJ Segal, Apple’s former design director, has recently established a mass timber housing company named Juno. Architect Segal, who worked for 19 years designing Apple stores — most recently as senior design director of real estate and development — believes that Juno can create housing that dispels people’s preconception about modular buildings.
Manufactured Sales in Canada Fell -1.5% in July with Wood Products Leading the Decline
Statistics Canada (StatCan) reported today (9-14-21) that manufacturing sales fell -1.5% in July to $59.6 billion (C$), following a 3.6% increase in June. Sales were down in 12 of 21 industries, led by the wood products’ decline of -21.8% and aerospace products and parts falling -19.0%.
Consumer Price Index Increases 0.3% in August and 5.3% Year-Over-Year
The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday (9-14-21) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in August on a seasonally adjusted basis after rising 0.5% in July. Over the past 12-months, the all-item index has increased 5.3% before seasonal adjustment.
Forbearance Exits at their Fastest Pace Since March During the Week Ending September 5, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 15 basis points from 3.23% of servicers’ portfolio volume in the prior week to 3.08% as of September 5, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.
Two More Saskatchewan Mills Receive Province Timber Allocations
The forestry industry in Saskatchewan received additional good news on Friday (9-10-21), with the announcement that two more timber mills will be receiving timber allocations from the province. These latest allocations come at the end of a week that saw two mills in Prince Albert receive timber allocations as well.