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.
Wood Markets News
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.
New Best Wood Schneider Sawmill in Messkirch Germany to Feature Valutec OTC Continuous Kilns
Best Wood Schneider has announced they are investing approximately 80 million Euros in a greenfield sawmill project in Messkirch Germany. When completed in early 2022, the mill will be one of Europe’s most modern sawmills with an annual capacity of 200,000 m3 or 85,000 MBF of sawn lumber.
Mortgage Applications Increased 3.9% in Week Ending November 20th, 2020
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending November 20th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 3.9% on a seasonally adjusted basis from one week earlier.
The Federal Housing Finance Agency Announces New Higher Maximum Conforming Loan Limits in 2021 for Fannie Mae and Freddie Mac Mortgages
The Federal Housing Finance Agency (FHFA) announced on Tuesday (11/24) that the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit (CLL) for single-unit properties will be $548,250, an increase from the 2020 CLL of $510,400.