The COVID-19 pandemic has sent timber prices in soaring in China. It has also created major supply chain pinch points as timber imports into the country have dramatically slowed. According to a report from the China News in December, China is the world’s largest importer of timber and the second-biggest timber consumer.
Wood Markets News
Shares of Mortgages in Forbearance Decline for Fifth Straight Week in Week Ending March 28, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 6 basis points from 4.96% of servicers’ portfolio volume in the prior week to 4.90% as of March 28, 2021.
U.S. Labor Department Reports Job Openings and Labor Turnover for February 2021
According to the JOLTS report, as of the last day in February, the number of job openings edged higher to 7.4 million (+268,000). The Job opening rate was little changed at 4.9%.
Family Forest Owners in Oregon Struggle to Remain in Compliance with Wildfire Replanting Laws
Family forest owners in Oregon are required by law to replant their forestlands within two years of a wildfire. Like the wildfires which burned through a large portion of Oregon’s forests this past Labor Day, which included the loss of an estimated 63,000 acres of family forests. The dilemma for the smaller and private forest owners is that seedlings are extremely hard to find.
Brazilian Exports of Wood-Based Products Increased 30.5% Year-Over-Year in February 2021
According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products (except pulp and paper) in February 2021 amounted to $282.0 million (USD), an increase of 30.5% when compared to February 2020, when they were valued at $216.1 million USD.
Red Stag Timber Weeks Away from Opening New CLT Plant in Rotorua New Zealand
Red Stag Timber, an independent and privately owned timber company based in Rotorua, New Zealand, has announced it is weeks away from opening a new $50 million (A$) wood processing plant in Rotorua. The plant will produce cross laminated timber (CLT).
Homes Are Selling in Record Time and at a Record Price
Redfin, the Seattle-based, technology powered real estate brokerage is reporting that for the 4-week period ending on March 28, 2021, the median home-sale price has increased, year-over-year (y-o-y) 17% to $335,613, setting another new all-time record high.
Private Residential Construction Spending Slips in February
Further analysis of the U.S. Census Bureau’s Construction Spending data provided by the National Association of Home Builders (NAHB) reveals that total private residential construction spending dropped -0.2% in February 2021 to a seasonally adjust annual rate (SAAR) of $718 billion, down slightly from January’s record high level.
Former G-P Particleboard Plant in Gaylord Michigan to Become Hardwood Sawmill
The former Georgia-Pacific particleboard plant just outside of Gaylord, Michigan is coming back to life after being dormant since its closure in 2006. The 850-acre site was purchased in January 2020 by Michigan Lumber and Wood Fiber Inc. of Comins Michigan.
A Closer Look at the Construction Sector in March’s Nonfarm Payroll Employment Report
A closer look at the construction sector portion of the Bureau of Labor Statistics (BLS) March’s nonfarm payroll report, of Friday (4-2-21) with additional analysis provided by the National Association of Home Builders (NAHB), reveals that the construction sector added 110,000 jobs in March. This following job losses in February (-56,000) that were likely weather-related.