The Bureau of Economic Analysis (BEA) released today its “advance” estimate for real gross domestic product (GDP) in 2022Q4. According to the report, GDP increased at an annual rate of 2.9%. This follows a reported real GDP increase of 3.2% in 2022Q3.
Wood Markets News
New US Residential Home Sales Increase Month-Over-Month in December
On Thursday (1-26-23), the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for December were at a SAAR of 616,000, according to estimates. This is 2.3% above the revised November rate of 602,000.
Auburn University Research Team Studies Role of Climate-Smart Forestry in Southeast US
A team of Auburn University researchers has published the first study to define, outline, and apply novel climate-smart forestry (CSF) principles to North America, specifically the southern US. The study, recently published in the journal Forests, sought to define CFS within the southeast US.
Fixed Mortgage Rates Move Lower for Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 26, 2023. The 30-year fixed-rate mortgage averaged 6.13%, down from last week when it averaged 6.15%. A year ago at this time, the 30-year rate averaged 3.55%.
US Weekly Jobless Claims Decrease for the Week Ending January 21st
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 186,000 during the week ending on Saturday, January 21, 2023. This is a decrease of 6,000 from the previous week’s revised level of 192,000.
FEA’s Paul Jannke Provides His 2023 Lumber Markets Outlook
In a featured article appearing in the Canadian Forestry Newsletter on January 25, 2023, Forest Economic Advisors (FEA) lumber analyst and principal Paul Jannke has provided his expert insight and in-depth analysis of the lumber markets for 2023.
BC Government Announces New Forestry Program with Dedicated Fiber Supply for Certain Value-Added Manufacturers
On Tuesday, the BC provincial government announced that for the first time, small and medium sized secondary manufactures will have a dedicated fiber supply under a new licensing program. The BC Timber Sales Value-Added Manufacturing Program will be open to facilities producing high-value products.
State-Level Analysis of Construction Employment for December
A closer look at the Bureau of Labor Statistics December nationwide total nonfarm payroll report, with a focus on state-by-state construction jobs, reveals that across the 48 states which reported construction job data, 28 states reported a month-over-month increase in December.
Mortgage Applications Increase for Third Consecutive Week
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 20, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 7.0% on a seasonally adjusted basis from one week earlier.
Fire Significantly Damages Control Room at Canfor’s Houston, BC, Sawmill Facility
The Terrace Standard, a local newspaper in Terrace, BC, is reporting that an early morning fire on Sunday at Canfor’s Houston Sawmill facility has severely damaged an interior control room. As a result, the full reopening of the mill, which has been closed during the prior five weeks, will be further delayed.