According to the latest (2-5-21) Federal Reserve’s G.19 Report, the economic recession caused by the COVID-19 pandemic derailed the consumer credit’s trajectory growth rate for all of 2020. Revolving credit, of which credit card debt is a major component, shrank by -11.2% over the year, while nonrevolving credit increased 3.9%, thus producing an overall growth rate of 0.0%.
Wood Markets News
Total Investment in Canadian Building Construction increased 1.5% in December
Statistics Canada (StatCan) is reporting that total investment in building construction increased 1.5% in December, following three consecutive months of declines. In December, non-residential construction investment remained at $4.4 billion for the third consecutive month.
Housing Affordability Rates Holds Steady in Q4 2020
According to the National Association of Home Builders (NAHB) / Wells Fargo Housing Opportunity Index (HOI) in Q4 of 2020, record-high homes prices were offset by record-low mortgage rates and as a result affordability rate held steady.
Resolute Forest Products Announces Reopening of Ignace Sawmill
Resolute Forest Products announced on Thursday (2-4-21) that they are going to reopen the Ignace sawmill, starting with one shift next week, and that is going to increase the on-site employment to about 25 people. Seth Kursman, Resolute spokesperson added they idled the sawmill in 2019 but kept a skeleton staff on hand, spending about $125,000 a month to maintain the mill.
Delays in Reopening of Kenora Sawmill Clarified by Unifor
When Itasca Capital purchased the Kenora Sawmill back in October of 2020, the company made it clear that before they could reopen the facility, they needed a steady and reliable source of logs. The Province of Ontario continues to work with the company on finding a source of wood, with the potential for the First Nations in the area as partners in the project.
Berthoud Colorado Company Takes Wildfire Residue and Creates Carbon-Rich Charcoal That Helps Soil Retain Water and Nutrients
As Colorado recovers from its worse wildfire season on record, many foresters are looking for products that could provide the financial motivation for fire mitigation products, which reduce fuels but also create massive piles of unwanted timber. It is difficult to overstate the size of the problem.
Canadian Unemployment Increases 0.6% in January to 9.4%
Statistics Canada (StatCan) is reporting that January employment fell by 213,000 or -1.2%. The decline in January followed a 53,000 decline or -0.3% in December, bring employment to its lowest level since August 2020. Most of the January losses were in part-time work and concentrated in the Ontario and Quebec retail sectors and in Newfoundland and Labrador.
January 2021 Nonfarm Payroll Employment Numbers Basically Unchanged from December 2020
The U.S. Bureau of 0Labor Statistics (BLS) is reporting that total nonfarm payroll employment was basically unchanged in January 2021, increasing by only 49,000 from December. According to the BLS the improvement in the labor markets reflects the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it.
Charlottesville Virginia Soon to be Home to Tallest Wood Structure in the State
Apex Clean Energy, based in Charlottesville Virginia, develops, constructs and operates utility-scale wind and solar power facilities across North America.
Builder Confidence in 55+ Housing Market Remained Strong in Q4 2020
The National Association of Home Builders (NAHB) produces two separate 55-housing market reports. One is for single-family homes and the other for multifamily condominiums.