According to the “second” estimate released today (11/25) by The Bureau of Economic Analysis (BEA) the Real Gross Domestic Product (GDP) increased at an annual rate of 33.1% in Q3 of 2020. In Q2 of 2020, the real GDP decreased -31.4%.
Wood Markets News
COVID-19 Increasing Affordability Challenges for Low Income Individuals per Harvard University Study
According to a study released by Harvard University’s Joint Center for Housing Studies, COVID-19 is having an especially pronounced impact on the affordability of housing among low-income individuals. The recently released American Community Survey reveals an ongoing downshift in cost burdens in 2019.
Mortgage Rates Remain at Record Lows in the Week Ending November 25th, 2020
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 25th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.72% with an average 0.7 point, unchanged from the previous week.
Weekly Jobless Claims Increased in the Week Ending November 21st, 2020
The U.S. Department of Labor is reporting that an additional 778,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 21st.
New Home Sales Slip -0.3% in October 2020 but are 41.5% Above October 2019
The U.S. Census Bureau and the Department of Housing and Urban Development are jointly reporting that the sales of new single-family houses in October 2020 were at a seasonally adjusted annual rate of 999,000.
Peak Renewable Resources CEO Says Company to Produce 600,000 Ton of Pellets Per Year
Peak Renewable Resources participated in a Zoom meeting with members of the Fort Nelson B.C. Chamber of Commerce to discuss their upcoming new pellet plant to be located in Fort Nelson. CEO of Peak Renewable, Brian Baarda, explained what Peak Renewable does and how their plants work.
Resolute Forest Products Receives Block Grant to Buy Equipment and Restart El Dorado Arkansas Mill
Resolute Forest Products is the recipient of a Community Development Block Grant (CDBG) through the Arkansas Economic Development Commission (AEDC) for the purpose of purchasing equipment for a formerly owned by Conifex and Georgia Pacific sawmill in El Dorado Arkansas, that ceased operations in August 2019 and which Resolute purchased in February of 2020.
Canadian Forest Industries Contractor Survey for 2020 Shows Improvements but Headwinds Remain
Compared to the initial, 2016, Canadian Forest Industries Contractor Survey and the subsequent B.C. provincial governments Logging Contractor Sustainability Review, which outlined proposals to improve relationships between the contractors and mills, things, at least on the surface appear to be much better in 2020.
Scottish Timber Initiative Receives Funding to Prove Business Case for Using Scottish Timber in Building Structures
A consortium of partners, comprising of Construction Scotland Innovation Centre (CSIC), Edinburgh Napier University (ENU) Centre for Offsite Construction and Innovative Structures (COCIS), Scottish Forestry, Confederation of Forest Industries (Confor), and SNRG – have secured funding from Innovate UK’s Sustainable Innovation Fund to prove the business case for using Scottish timber to create the structural elements of buildings.
Arbor Forest Products U.K. Expanding its North Lincolnshire Premises with Advanced Planning Line
Arbor Forest Products, a leading timber importer and timber products manufacturer has announced that it is investing £6 million in expanding its North Lincolnshire premises to incorporate what is set be one of the most advanced sawmill planning lines in the UK.