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Lumber news worth reading…
Lumber Futures Looking Bright
Lumber futures are heading for their second-straight monthly gain at a time when gloom from the coronavirus pandemic was expected to curb demand. With a gain of 15% in April and another straight gain of 15% this past month, lumber commodities are some of the best performing according to those tracked by Bloomberg. Aggressive supply cuts from big producers such as West Fraser Timber Co. and Canfor Corp. have tightened supplies at a time when people staying in and deciding to fix up their homes, said Kevin Mason, managing director…
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Slow Building and Pent-up Demand Could Ignite Market
New housing could lead to economic recovery says HBSDealer. Despite the Q1 trend and results seeing 10% fewer homebuyers in the country, as we enter the 3rd trimester of Q2, the outlook is more positive. "According to Robert Dietz, chief economist of the National Association of Home Builders, the housing sector entered this recession underbuilt. Built-up demand and low interest rates positions housing toward a path of quick recovery compared to other sectors of the economy." How this impacts materials suppliers and distribution is starting to take shape. The second…
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Jobless Claims Still Elevated But Declining
First-time filings for unemployment insurance totaled 2.44 million last week, about in line with economist estimates. Total filings from the beginning of the pandemic now total 38.6 million. The good news is that that the total has fallen for seven straight weeks from its record peak. We continue to see a decline as the nation reopens but fear of a second wave, uncertainty around testing, a vaccine, and contradictory medical advice still has many on edge. Plus, the level of continuing claims is a clear indication of how unemployment is…
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Dealers Continue To Report Steady Sales Into May
The FEA has completed another survey and the results are encouraging. As per the FEA: "Many dealers are reporting that their first week of May sales are remaining slow but steady, very similar to where April sales left off. The reopening of jobsites in states that have been shuttered to slow the spread of COVID-19, is adding additional sales momentum. A few jobs remain on hold, but thus far the number of cancelations remain a small fraction of ongoing and anticipated building projects. Lumber and panel producers are reporting an…
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Why Sales and Marketing Can’t Go Back to Business As Usual
After Q1 2020, Digital Transformation Is No Longer An Option. If you're wondering if life will go back to "normal" on the trading floors... you're wrong. Now is not the time to retreat back to selling the “old” way. Now is the time for bold leadership in sales and marketing. This piece from Forbes captures what so many mills and distributors are challenged with today. The entire premise behind developing BuyChain is collaboration, accelerating sales, and helping the entire supply chain. You need to jump-start your digital transformation and if…
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Weekend Read – About 46 Percent of Hard Wood Production Goes To What May Be The Most Important Piece of the Global Economy
Perspective has a way of defining a fact differently for many people. Although the article may be a little dated, yet still relevant, these items are a staple of commerce and slowly (very slowly and likely not as economical in the long run) being phased out for a greener alternative. Until then, the shipping pallet will forever hold a critical place in commerce, as well as in people's living rooms. Pallets, the unassuming collection of wooden slats, are perhaps the most important thing in our global economy. Read on...
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Unemployment Claims Top 30 Million in U.S.
Another 3.8 million file unemployment claims, overwhelming the states. The chaos continues with a decline in weekly numbers but still staggering. The American economy continues to stagger under the weight of the coronavirus pandemic, with another 3.8 million workers filing for unemployment benefits last week. The figures announced Thursday by the Labor Department bring the number of workers joining the official jobless ranks in the last six weeks to more than 30 million, and underscore just how dire economic conditions remain. Many state agencies still find themselves overwhelmed by the…
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Mortgage Rates Hit a New Record Low Sparking Recovery in Home Buying Applications
The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.43% from 3.45% last week. That boosted mortgage demand from homebuyers by 12%, signaling a potential turn in buyer confidence. Mortgage applications to buy a home rose last week, but refinance demand fell, causing total application volume to decline by 3.3% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Evidence is mounting that homebuyers may be coming back to the market, after demand plummeted in the past month due to the coronavirus. Mortgage applications to…
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