The U.S. Department of Labor is reporting that an additional 444,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday May 15, 2021 — a decrease of 34,000 from the previous week’s revised level. This is the lowest level for this average of initial claims since March 14, 2020, when it was 256,000.
Wood Markets News
The Conference Board’s Leading Economic Index® Increases in April
The Conference Board, which was founded in 1916 as a non-partisan, not-for-profit think tank, released today (5-20-21) their April 2021 Leading Economic Index® (LEI) for the U.S. According to the release, the LEI which is based on ten separate components increased 1.6% in April, following a 1.3% increase in March and a -0.1% decline in February.
Diversity in Tree Species Provides No Protection Against Bark Beetle Infestation
Freiburg scientist Sylvie Berthelot and her team of researchers from the Faculty of Environment and Natural Resources and the Faculty of Biology are studying the importance of tree diversity on bark beetle infestation. They are investigating whether the composition of tree species affects bark beetle feeding behavior.
BC’s Seaton Forest Products Finds Niche Market for Dry Grade 4 Wood
Seaton Forest Products, located near Smithers, B.C. at the foot of Seaton Mountain, has been quietly building a niche market for itself. Owned by Andy Thompson, the mill cuts dry Grade 4 wood into cants, using wood that would have typically been left in the bush or burned.
Townhouse Construction Growth Continued in Q1 of 2021
The most recent Census data of Starts and Completions by Purpose and Design, with analysis provided by the National Association of Home Builders (NAHB), reveals that townhouse construction continued at a robust pace in Q1 of 2021. This follows the best quarter of townhouse construction in 2.5 years at the end of 2020.
Mortgage Applications Increase for Second Consecutive Week in the Week Ending May 14, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending May 14, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 1.2% from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.
Canadian Consumer Price Index Increases 3.4% Year-Over-Year in April
According to Statistics Canada (StatsCan), the Canadian Consumer Price Index (CPI) increased 3.4% on a year-over-year basis — its fastest pace since May 2011, up from March’s gain of 2.2% gain. On a seasonally adjusted monthly basis, the CPI rose 0.6% in April.
EACOM Timber Corp. Resumes Production at Timmins Ontario Sawmill After COVID-19 Outbreak
EACOM Timber Corp. has announced that their Timmins sawmill is back in operation after a temporary shutdown last week due to a COVID-19 outbreak that was reported on May 12, 2021 at the site. The sawmill is currently running one shift instead of the usual two.
USNR Signs Major Contracts for Wood Processing Systems in Europe and North America
USNR, the wood processing technology supplier based in Woodland, Washington, is reporting that they have signed a number of major contracts over the past several months. A €13m contract was signed in late 2020 with Tschopp Holzindustrie AG in Switzerland for a new saw line.
Housing Starts, Permits and Completions Decline Month-Over-Month in April but Remain Up Year-Over-Year
The U.S. Census Bureau has reported that privately‐owned housing starts in April were at a seasonally adjusted annual rate (SAAR) of 1,569,000. This is -9.5% below the revised March estimate of 1,733,000 but is 67.3% above the April 2020 rate.