Interfor Corporation has announced that it plans to expand its sawmill operations in Summerville, South Carolina. Interfor plans on investing $30 million (USD) to increase production capacity needed to “meet growing demand for its products, improve manufacturing productivity, and enhance product mix.”
Wood Markets News
Wildfires Throughout the Western U.S. Continue to Grow in Size; Europe Facing Similar Crisis
The Dixie Fire (named after the road it started near on July 14, 2021) is California’s largest single wildfire in recorded history. The fire continued to grow on Wednesday (8-11-21) and is currently only 30% contained. The Dixie Fire has destroyed more than 1,000 structures, nearly half of them homes.
Investment in Building Construction in Canada Drops in June
Statistics Canada (StatsCan) reported today (8-12-21) that investment in building construction in Canada declined -4.5% to $18.4 billion (CAD) in June. Investments in both residential and non-residential construction investment were down.
Producer Price Index for Final Demand Increases 1.0% in July
The Bureau of Labor Statistics (BLS) reported today (8-12-21) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.0% in July. Final demand prices rose 1.0% in June, 0.8% in May, 0.6% in April, 1.0% in March and 0.5% in February.
Mortgage Rates Rise Ten Basis Points in the Week Ending August 12, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 12, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.87% percent with an average 0.7 point, up from last week when it averaged 2.77%. A year ago, at this time, the 30-year FRM averaged 2.96%.
Weekly Jobless Claims Continued to Decline in the Week Ending August 7, 2021
The U.S. Department of Labor is reporting that an additional 375,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 7, 2021 — a decrease of 12,000 from the previous week’s revised level.
Canfor Reopens Houston B.C. Sawmill as Rail Congestion and Wildfire Concerns Ease
The Houston B.C. Today Newspaper is reporting that Canfor reopened their Houston Mill facility on Monday, August 9, 2021. This follows a two-week shutdown caused by rail system bottlenecks and other problems in southern B.C. resulting from wildfire outbreaks in the area.
CatchMark Completes $100 Million Sale of Oregon Timberlands to Roseburg Resources Co.
CatchMark Timber Trust, Inc. today (8-11-21) announced that it had completed the sale of 18,063 acres of prime Oregon timberlands — known as the Bandon property — for $100 million in cash, or approximately $5,536 per acre, to Roseburg Resources Co.
Western Wood Products Association Posts North American Softwood Lumber May Production Stats
The Western Wood Products Association (WWPA) is reporting that in May, North American softwood lumber production increased 11.5% year-over-year (YOY). Canadian production increased 13.3% YOY and in the U.S., production rose 10.4%.
Home Buyers and Sellers Have Differing Views in Latest Fannie Mae Home Purchase Sentiment Survey
The Fannie Mae Home Purchase Sentiment Index®(HPSI), which reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis, decreased 3.9 points to a reading of 75.8 in July. This occured as consumers continue to report concerns related to high home pries and a lack of homes for sale.