According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending April 30, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 2.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2% compared with the previous week.
Wood Markets News
U.S. Bureau of Labor Statistics Reports Construction Sector Hiring Increased in March
A deeper dive into the recent (5-11-21) Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Survey (JOLTS) provided by the National Association of Home Builders (NAHB) looking specifically at the construction sector reveals that the housing market remains robust, and as a result additional labor is required.
Interfor Corporation Reports on Strategic Capital Investments Projects
In reporting on their Q1 2021 results, Interfor Corporation announced capacity-expanding spending projects. Interfor stated that the company has received Board approval to proceed with strategic capital investments at its sawmills in Castlegar, BC and Perry, Georgia of approximately $35 million and US$30 million, respectively.
Structurlam Mass Timber Corp. Prepares for the Opening of Their Newest Laminated-Timber Production Facilities in Conway, Arkansas
Structurlam Mass Timber Corp. has announced that they are on schedule for a June 1, 2021 opening of one of the world’s largest laminated-timber production facilities in Conway, Arkansas. The Conway facility will be the largest mass-timber producer in North America and joins the manufacturing plant that Structurlam has been operating in British Columbia for about 60 years.
Kaamos Timber Investing in a New Sawmill in Mozyr Belarus, Selects Mühlböck as their Drying Technology Partner
Kaamos Timber, the Estonian wood industry company founded in 2003, has announced it is investing in a new sawmill in Mozyr, Belarus and they have selected Mühlböck as their drying technology partner. The new sawmill will incorporate the use of the Mühlböck dry kilns 1306 PRO.
Shares of Mortgages in Forbearance Decline for Ten Consecutive Weeks in Week Ending May 2, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 11 basis points from 4.47% of servicers’ portfolio volume in the prior week, to 4.36% as of May 2, 2021. According to MBA’s estimate, 2.2 million homeowners are in forbearance plans.
Job Opening and Labor Turnover Survey for March 2021
The U.S. Bureau of Labor Statistics (BLS) today (5-11-21) reported its Job Opening and Labor Turnover Survey (JOLTS) for March 2021. According to the JOLTS report, as of the last business day in March, the number and rate of job openings reached a series high of 8.1 million (+597,000) or +5.3%.
USDA Announces $15 million to Fund Grants to Develop and Expand the Use of Wood Products
U.S. Department of Agriculture (USDA) Secretary Tom Vilsak, announced on Friday (5-7-21), that the USDA is awarding more than $15 million to fund grant proposals to develop and expand the use of wood products, strengthen emerging wood energy markets, and protect community forests.
Fire Destroys New Sawmill in Northwestern Wisconsin
Firefighters from seven different communities’ departments spent five hours on Saturday (5-8-21) battling a fire in a new sawmill just outside the City of Cornell Wisconsin. According to Cornell Area Fire Department’s Assistant Chief Matt Boulding, the building, and its contents are a total loss.
Brazilian Exports of Wood-Based Products Increased 24% Year-Over-Year in March 2021
According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products (except pulp and paper) in March 2021 amounted to US$321.9 million — an increase of 24% when compared to March 2020, when they were valued at US$206.6 million.