According to Stats Canada the pace of job growth slowed in October as the economy added close to 84,000 (+0.5%) jobs in October compared with 378,000 in September. Self-employment increased for the first time (+1.2%; +33,000) for the first time since the onset of the COVID-19 pandemic.
Wood Markets News
Housing Affordability Continued its Decline in Q3 2020
According to the National Association of Home Builders (NAHB) / Wells Fargo Housing Opportunity Index (HOI) in Q3 of 2020, housing affordability continued to decline in spite of record low mortgage rates, which were offset by rising home prices and lack of available homes for sale.
October’s Nonfarm Payroll Employment Moves Higher for Sixth Consecutive Month
The U.S. Bureau of Labor Statistics (BLS) is reporting that total nonfarm payroll employment rose for the sixth consecutive month in October by 638,000.
Hankins Lumber Company Completes Purchase of LP Sawmill North of Elliott Mississippi
Hankins Lumber Company has announced that they have completed the purchase of the former Louisiana Pacific mill site, just north of their current operation in Elliott Mississippi. The purchase represents a $12.5 million corporate investment.
Respondents to FEA’s Weekly Order Survey Reported Experiencing Limited Follow Through from Last Week’s Modest Uptick in Jobsite Sales Activity
Respondents to FEA’s Weekly Order Survey reported experiencing limited follow through from last week’s modest uptick in jobsite sales activity. Dealers in the southern tier of states reported greater activity than their counterparts in the north, which is typical for this time of the year.
Norbord Inc., Announces Permanent Closure of 100 Mile House OSB Mill
Norbord Inc., announced today (11/5), that they are officially and permanently closing their oriented strandboard mill located in 100 Mile House British Columbia. Operations at the plant were suspended in early August 2019 and since then only a handful of workers have remained onsite for maintenance purposes.
Boston Firm Introduces New Catalogue with Mass Timber Design Systems
Led by Boston-based design firm Generate and including prominent local names like Consligli Construction and major international firms like Arup Engineering, the Tallhouse project is aimed at speeding up the adoption of mass timber building techniques and taking the risk out of the design and development process.
Canadian Lumber Products Increased 1.3% Year-Over-Year
As reported by Statistics Canada, Canadian lumber production increased 4.1% from July 2020 to August 2020. Year-over-year production was 1.3% above August 2019.
China Suspends the Importation of Timber from Australia
Ties between China and Australia began to fray in early April and the friction between the two countries continues to heat up. On Monday (11/2), China’s foreign ministry confirmed that China had suspended imports of timber from the Australian state of Queensland, noting that since January, Chinese customs has detected several cases of live pest in timbers imported from the region.
The Share of Mortgage Loans in Forbearance Drops to 5.83% in Weekending October 25th, 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports the total number of loans now in forbearance decreased by 7 basis points from 5.90% of servicers’ portfolio volume in the prior week to 5.83% as of October 25, 2020.