Mercer International, which operates or jointly operates several pulp and paper operations in Canada and Germany and runs a timber service in Germany, announced on Wednesday (8-3-21) that it has received approval from a U.S. bankruptcy court to acquire a state-of-the-art cross-laminated timber (CLT) manufacturing facility in Spokane, Washington.
Wood Markets News
Volumetric Building Companies to Acquire Former Katerra Headquarters in Tracy, California
Volumetric Building Companies (VBC), the Philadelphia PA-based modular builder, is in the final stages of a completing a $25-million bankruptcy acquisition of Katerra’s former Tracy, California headquarters. VBC has been selected as the final bidder in a deal that will ultimately bring $60 million of manufacturing equipment.
Mortgage Applications Decline in the Week Ending July 30, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending July 30, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -2% compared with the previous week.
ADP Reports Private Sector Employment Increased by 330,000 Jobs in July
According to the July ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 330,000 jobs from June to July. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.
Fire Destroys Millett Lumber Co. Mill in Chester Grant, Nova Scotia
Seventy firefighters from 11 different departments battled a blaze on Monday afternoon at Millett Lumber Co. in Chester Grant, Nova Scotia. The mill produced boards, dimensional lumber, siding, decking as well as dressed and rough small squares and timbers.
Smith Leonard Reports Residential Furniture Sales Increased 47% Year-Over-Year in May
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported that May 2021 sales were 47% higher year-over-year. Overall, 91% of survey participants reported increased orders, with most reporting triple-digits increases. Year to date, new orders were up 67% over the first five months of 2020.
Brazilian Exports of Wood-Based Products Increased 82% Year-Over-Year in June 2021
According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products (except pulp and paper) increased 82% in value year-over-year from US$216.9 million in June 2020, to US$394.3 million in June 2021.
U.S. Becomes Fourth Largest Export Market for Sarawak Plywood
Japan has long been the number one export market for Sarawak plywood, produced in Kuching, Sarawak, Malaysia. However, demand in Japan has been weakened by depressed prices due to stiff competition from Indonesian suppliers and Japanese produced softwood plywood. The U.S. is now the fourth largest export market for Sarawak plywood.
Survey Says… Younger People are Entering the Construction Trades
According to the latest statistics coming from the 2019 American Community Survey, more young people are entering the construction trades. The share of workers under the age of 25 reached 10.8% in the construction industry, compared to only 9.7% in 2015. As a result, the median age of the construction workforce is 41, a year younger than in 2018.
Shares of Mortgages in Forbearance Post Slight Decline in the Week Ending July 25, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 1 basis point from 3.48% of servicers’ portfolio volume in the prior week to 3.47% as of July 25, 2021. According to MBA’s estimate, 1.74 million homeowners are in forbearance plans.