A milestone partnership has been announced between Cree Building Systems, an Austria-based company, and Walbridge, a Detroit-based global construction company. The two companies discovered their processes to be very like-minded as both are very methodical in their approach.
Wood Markets News
LP Announces $ 150 million Investment to Convert Houlton OSB Mill to LP SmartSide Manufacturing Facility
Louisiana Pacific Corp., (LP) has announced it is making an investment of approximately $150 million into its Houlton mill to begin the manufacturing of LP SmartSide products, a type of advanced engineered wood strand siding there.
Existing-Homes Sales Climb Higher in January 2021 – Up Year-Over-Year by 23.7%
The National Association of Realtors® (NAR) reported that total existing home sales, completed transactions that include single-family homes, townhomes, condominiums, and co-ops, increased 0.6% from December 2020 to a seasonally adjusted annual rate of 6.69 million in January 2021.
Latvian Timber Product Export Opportunities Expand with Direct Shipment to the U.S.
Latvian timber product exports to the U.S. continue to grow. However, up until now, most of those shipments have typically been done in smaller quantities and in containers with transshipment in Rotterdam, or in one of the other major European container ports.
Builders and Developers Experience Lower Interest Rates and Improved Credit Conditions in Q4 2020
The lower mortgage interest rates that home buyers have been enjoying at the end of 2020, have finally made their way to builders and developers, who are now experiencing lower interest rates and improved credit conditions.
Year-Over-Year Construction Starts on Single-Family Homes Built for Rent Increase by 50% in Q4 2020
A deeper look into the U.S. Census Bureau’s Quarterly Starts and Completion by Purpose and Design, conducted by the National Association of Home Builders reveals that the number of single family-homes built for rent (SFBFR) construction starts posted a year-over-year increase in Q4 of 2020.
30-Year Mortgage Rate Moves to its Highest Level Since Mid-November in Week Ending February 18, 2021
The PMMS reports that 30-year fixed-rate mortgage averaged 2.81% with an average 0.7 point, up from last week when it averaged 2.73%.
Weekly Jobless Claims Increase in the Week Ending February 13, 2021
The U.S. Department of Labor is reporting that an additional 861,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday February 13, 2021 — an increase of 13,000 from the previous week’s revised level.
Associated Building Contractors Reports Construction Input Prices Increased 2.5% in January
A closer look at the U.S. Bureau of Labor Statistics’ Producer Price Index (PPI) data for January, provided by the Associated Builders and Contractors (ABC), reveals that residential construction input prices increased 2.5% in January over December 2020. Year-over-year residential input prices increased 4.8%.
Led by Mortgage Originations, Overall U.S. Household Debt Increased in Q4 2020, to $14.56 Trillion
According to the Federal Reserve Bank of New York, overall household debt increased by $206 billion in Q4 of 2020 to $14.56 trillion. The primary driver was a dramatic increase in mortgage originations.