According to people familiar with the matter, Katerra, the six-year-old startup construction company, told its employees in a video call on Tuesday (6-1-21) that it plans to shut down. The executive on the video said the effects of COVID-19, as well as rising costs of labor and construction materials contributed to the company’s latest cash crunch.
Wood Markets News
British Columbia Unveils New Timber Strategy that Will Boost Indigenous Engagement in Forestry
The British Columbia provincial government is promising to boost Indigenous engagement in forestry as it sets out on the largest series of policy updates for the sector since the early 2000’s. According to the strategy plan unveiled on Tuesday (6-1-21). there would be a near doubling in the amount of replaceable forest tenure held by Indigenous nations from the current levels of 10%.
With Lumber Prices at Near Record Levels, Alberta Looks to Expand Forest Products Harvest
According to a leader of the Bigstone Cree Nation, just as lumber prices hit record highs, a drive to increase Alberta’s forest harvest is allowing members of a northern First Nation to become resource owners, as well as timber-gathering contractors.
British Columbia Announces Plans to Modernize Regulations on the Forest Industry
The British Columbia provincial government on Tuesday (6-1-21) released a paper that lays out far-ranging “policy intentions”, including diversifying the ownership of forest tenures, or harvesting rights, and establishing a framework of compensation in the event those rights are redistributed. The series of B.C. goals and an initial yearlong timeline will work towards modernizing the province’s regulation of the forest sector.
Shares of Mortgages in Forbearance Decline for Thirteenth Week in a Row in Week Ending May 23, 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 4.19% of servicers’ portfolio volume in the prior week to 4.18% as of May 23, 2021. According to MBA’s estimate, 2.1 million homeowners are in forbearance plans.
Private Residential Construction Increases in April
Further analysis of the U.S. Census Bureau’s Construction Spending data for April, provided by the National Association of Home Builders, reports that total private residential construction spending rose 1.0% in April to a seasonally adjusted annual rate of $729.2 billion. Total private residential construction spending was 29.7% higher than a year ago.
Mortgage Applications Decline for Second Consecutive Week During Week Ending May 28, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending May 28, 2021, the Market Composite Index (a measure of mortgage loan application volume) decreased -4.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -5% compared with the previous week.
Bergkvist Siljan to Increase Production by 60% at their Insjön Sweden Sawmill
Bergkvist Siljan, a leading Swedish sawmilling group supplying sawn wood products to customers mainly in East Asia, Western Europe, and North Africa, announced that it has been granted by The Environmental Impact Assessment Delegation permission to increase the production of sawn wood products at their Insjön sawmill in Sweden, by approximately 60%, from 400,000 to 650,000 m3 per year.
U.S. Home Prices Post Third Consecutive Month of Double-Digit Growth in April
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today (6-1-21) release their CoreLogic Home Price Index (HPI™) and HPI Forecast™ for April 2021.
Led by Construction Sector Increases Canada’s Real Gross Domestic Product Increased 1.1% in March
Statistics Canada (StatCan) is reporting, in preliminary estimates, that real gross domestic product (GDP) increased 1.1% in March, following a 0.4% increase in February.