Logie Timber, located in the town of Forres, Moray County, Scotland, is a full-cycle timber business. The company carries out milling and finishing and makes products including cladding, decking posts, and beams. Logie has embarked on a £1.2million expansion that will lead to the creation of four new jobs as well as increasing its turnover and cutting its carbon footprint.
Wood Markets News
Housing Starts and Permits Increased in August, While Housing Completions Trended Lower
The U.S. Census Bureau on Tuesday (9-21-21) reported that privately‐owned housing starts in August were at a seasonally adjusted annual rate (SAAR) of 1,615,000. This is 3.9% above the revised July rate of 1,554,000 and is 17.4% above the August 2020 rate of 1,376,000.
B.C.’s 2021 Wildfire Season Ranks Third Worse on Record with 8,680 Square Kilometers Burned
British Columbia’s 2021 wildfire season is in the process of winding down. The B.C. 2021 wildfire season to date has burned an area of 8,680 square kilometers (3,352 square miles) and ranks as the third highest on record but is only 61% of the all-time high reached just 3-years ago.
Australian Government to Provide $15.1 Million Freight Subsidy to Transport Logs off of Kangaroo Island
The Australian government is set to provide a $15.1 million (A$) freight subsidy to companies transporting logs off of Kangaroo Island. The subsidy will aid in the movement of salvaged logs from bushfire-affected plantations on Kangaroo Island to sawmills, on the South Australian mainland, that currently have immediate capacity to process logs into structural timbers.
New Home Mortgage Applications Decline 17% Year-Over-Year in August
The Mortgage Bankers Association (MBA) today (9-21-21) announced the results of their Builder Application Survey (BAS) data for August 2021. The BAS reveals that mortgage applications for new home purchases decreased -17% from August 2020. However, month-over-month (July 2021 to August 2021) applications increased by 9%.
As Expiration Dates Draw Near, Number of Borrowers Exiting Forbearance Increases During the Week Ending September 12, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 8 basis points from 3.08% of servicers’ portfolio volume in the prior week to 3.00% as of September 12, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.
Builder Confidence Improves in September, Ending 3-month Slide
On Monday (9-20-21), The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes edged 1-point higher in September to a reading of 76.
Drax Group Announces Construction is Underway on its Second Satellite Pellet Plant in Arkansas
The Drax Group announced on Friday (9-17-21) that construction is underway on the second of three planned satellite pellet plants to be built in Arkansas. The move is part of a $40 million investment by Drax in the state.
The Number of Communities Participating in B.C.’s Tall Wood Initiative Continues to Grow
The City of New Westminster, British Columbia has joined 20 other B.C. communities — along with the City of Vancouver, which has its own similar initiative — in participating in the province’s Tall Wood Initiative.
Home Sales and Economic Growth Continue to be Slowed by Labor and Supply Chain Limitations
According to the September 2021 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, for the second month in a row, expectations for near-term real GDP growth were revised downward-and-outward due to persistent supply chain disruptions and labor market tightness.