Westervelt Company celebrated the completion of their new Thomasville Alabama sawmill facility and shipped the mill’s first load of lumber on Friday March 5th.
Wood Markets News
X-Frame – New Innovative, Reusable Framing System for Residential and Commercial Projects
While attending architecture school, Gerard (Ged) Finch founded a reconfigurable structural timber framing system, X-Frame in 2017. According to Finch, X-Frame is a way to reduce construction waste and help transition the building industry towards a more circular economy.
Higher Mortgage Rates Decrease Buyers Spending Power
Redfin, the Seattle-based, technology-powered real estate brokerage firm is reporting that a homebuyer would lose $23,250 in spending power with a mortgage rate of 3.25% versus a 2.75% rate, where they were sitting earlier this year.
New Support Program to Help with Modernization of German Timber Industry
The new support program for the modernization of the German timber industry, which is being administered by the German Ministry of Food and Agriculture (BMEL), went into effect on Thursday, March 4, 2021. According to the BMEL, one of new programs aims to promote investments in the value-preserving or value-enhancing use of damaged wood and in the promotion of the use of wood as a building material.
Total Investment in Building Construction in Canada Hits New All-Time Record of $16.0 Billion
Statistics Canada (StatsCan) is reporting today (3-8-21), that total investment in building construction reached $16.0 billion for the first time on record, up 2.8% from December 2020, based on continued strength in the residential sector.
Forestry Products and Building and Packaging Materials Help Canada Posts $1.4 Billion Trade Surplus
Statistics Canada (StatsCan) reported today (3/5/21) that Canada posted a trade surplus of $1.4 billion in January 2021 — the first trade surplus since May 2019 and the largest since July 2014.
Construction Employment Drops in February 2021
Employment in the construction sector fell by 61,000 — a reflection of the declines in nonresidential specialty trade contractors (-37,000) and heavy and civil engineering construction (-21,000).
Peak Industries Finger Joint Mill Hopes to Help Meet the Rising Demand for Lumber and Housing in Texas
Peak Industries finger joint mill held a ribbon cutting ceremony on Wednesday (3-3-21), the first the company says of many ongoing opportunities on the Cranbrook B.C. industrial site. The finger joint mill is located on the former industrial land owned by Tembec, which Peak purchases in November of 2020 for $6 million from the City of Cranbrook.
Federal Housing Finance Agency Extends Forbearance to Multifamily Property Owners Through June
The Federal Housing Finance Agency (FHFA) has announced that multifamily property owners who are continuing to struggle to make their mortgage payments due to the coronavirus pandemic have a reprieve through the end of June for mortgages backed by Fannie Mae and Freddie Mac.
Nonfarm Payroll Increases in February 2021
The U.S. Bureau of Labor Statistics (BLS) is reporting that total nonfarm payroll employment increased by 379,000 in February but is down by 9.5 million, or 6.2%, from its pre-pandemic level in February 2020.