Wood Markets News

Mercer Mass Timber Announces Investment in its Spokane Valley Manufacturing Facility

Mercer Mass Timber LLC., a subsidiary of the Vancouver, British Columbia-based Mercer International Inc., a global producer of market pulp and solid wood products with mills in Canada, Germany, and Australia, announced on Wednesday that it plans to invest $50 million (USD) over the next two years in capital projects at its Spokane Valley mass timber manufacturing facility.

Existing Home Sales in April Decline Month-Over-Month and Year-Over-Year

The National Association of Realtors® (NAR) reported on Thursday that total existing home sales dropped -2.4% in April from March to a seasonally adjusted rate at 5.61 million homes. This marks the third consecutive month of existing home sales declines. Year-over-year, however, sales are down -5.9% (5.96 million in April 2021).

Weekly Jobless Claims Inch Higher in the Week Ending May 14, 2022

The U.S. Department of Labor is reporting that an additional 218,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 14, 2022. This is an increase of 21,000 from the previous week’s revised level. The 4-week moving average was 199,500.

Largest Ever Mass Timber Building Fire Test to Be Conducted This June by Researchers in Ottawa, Canada

In a project to support market acceptance of tall and large mass timber buildings in Canada, the Canadian Wood Council (CWC) has partnered with both federal and provincial governments to conduct a series of five separate fire research burns on a full-scale mass timber structure in Ottawa. The largest burn is scheduled for some time in June.

Home Sale Bidding Wars Slow for Second Consecutive Month in April

Redfin, the Seattle-based, technology powered real estate company, reported today (5-18-22) that, nationwide, 60.7% of home offers written by Redfin agents in April encountered competition on seasonally annual adjusted basis. This is the lowest level seen since March of 2021. The statistic is down from a revised rate of 63.4% in March.

Mortgage Applications Decline in the Week Ending May 13, 2022

According to data from the Mortgage Bankers Association, for the week ending May 13, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -11.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -11.0% compared with the previous week.