Canadian-based Structurlam Mass Timber Corp. announced in December 2019 that it would invest $90 million to buy, retrofit, and equip a former steel plant in Conway, Arkansas. In a recent interview, Hardy Wentzel, Structurlam CEO is reporting, “We are trending right on track with our project schedule, our budget is working out well, and our staffing plans are where they need to be at this point.”
Wood Markets News
Metsä Group Selects LSAB Suomi Oy to Deliver Blades to its New Rauma Sawmill in Finland
Metsä Fibre has announced that it has selected long-time partner LSAB Suomi Oy to deliver blades to its new Rauma sawmill in Finland. The value of Metsä Fibre’s Rauma sawmill investment amounts to approximately 200 million Euro, and the new unit will produce around 750,000 m3 of pine sawn timber annually.
Mortgage Rates Move Lower for Second Consecutive Week in the Week Ending June 17, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 10, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.93% with an average 0.7 point, down from last week when it averaged 2.96%. A year ago at this time, the 30-year FRM averaged 3.13%.
Weekly Jobless Claims Unexpectedly Move Higher in the Week Ending June 12, 2021
The U.S. Department of Labor is reporting that an additional 412,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, June 12, 2021 — an increase of 37,000 from the previous week’s revised level. The 4-week moving average was 395,00, which is a decrease of 8,000 from the previous week’s revised average.
National Association of Realtors Report Calls for a Once-In-A-Generation Response to U.S. Housing Supply Shortage
According to a report released today (6-16-21) by the National Association of Realtors® (NAR) and authored by the Rosen Consulting Group, decades of underinvestment and underbuilding have created a shortage of housing in the U.S. that is more direct than previously anticipated and will require a concerted and long-term nationwide commitment to overcome.
Housing Starts Move Higher in May; Housing Permits and Housing Completions Move Lower
The U.S. Census Bureau has reported that privately‐owned housing starts in May were at a seasonally adjusted annual rate (SAAR) of 1,572,000. This is 3.6% above the revised April rate of 1,517,000 and is 50.3% above the May 2020 rate of 1,046,000.
Mass Timber Construction in the Education Sector is Scoring High Grades
Mass timber construction is increasingly finding its place in midrise residential construction, as well as the commercial and office niche markets. Mass timber construction is also finding its place in other areas, including the educational sector.
Canadian Home Sales Decline -7.4% Month-Over-Month but Rise 103.6% Year-Over-Year
According to statistics released by the Canadian Real Estate Association (CREA) on Tuesday (6-15-21), Canadian national home sales and new listings were both down in May 2021. National homes sales recorded over the Canadian MLS® system declined month-over-month by -7.4% in May.
Canadian Consumer Price Index Increases 3.6% Year-Over-Year in May
Statistics Canada (StatsCan) is reporting that on a year-over-year basis the Canadian Consumer Price Index (CPI) rose 3.6% in May, up from a 3.4% gain in April. This is largest yearly increase since May 2011. Excluding gasoline, the CPI rose 2.5% year-over-year.
Mortgage Applications Increase 4.2% in the Week Ending June 11, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending June 11, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased by 4.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 15% compared with the previous week.