Statistics Canada reported that in January employment increased by 150,000, or 0.8%. Of that number, 121,000 were full-time positions. The increase in total employment continues a trend that began in September, with cumulative gains for the period totaling 326,000.
Wood Markets News
Huber Engineered Woods Cancels Plans to Build a New OSB Mill in Cohasset, Minnesota
Huber Engineered Woods LLC (HEW), a subsidiary of J.M. Huber Corporation, announced Thursday that due to delays, it will no longer develop its new oriented strand board (OSB) facility in Cohasset, Minnesota, as originally intended and announced in June 2021.
Fire Damages R-Y Timber’s Livingston, Montana, Sawmill—Production Halted
A second major fire within a year broke out at R-Y Timber’s Livingston, Montana, location early on Tuesday morning, according to the Livingston Enterprise. The fire has caused major damage to the sawmill facility.
Mortgage Credit Availability Shrinks in January
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in January. This marks the tenth drop in the past eleven months.
Fixed Mortgage Rates Inch Higher
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 9, 2023. According to the survey, the 30-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 6.09%.
US Weekly Jobless Claims Increase for the Week Ending February 4th
The US Department of Labor reports that the advance figure for seasonally adjusted initial unemployment claims was 196,000 during the week ending on Saturday, February 4, 2023. This is an increase of 13,000 from the previous week’s unrevised level of 183,000.
Zillow Analyzes Lower Mortgage Rates and Their Impact on Increasing Regional Homebuying Power
On Thursday, Zillow Group Inc. released its latest Zillow® analysis on mortgage rates and buying power. The Zillow analysis shows that a typical home associated with a $3,000 monthly mortgage payment is up $60,000 in value since October.
West Fraser Timber Announces Planned Curtailments in Q2 & Q3 at the Cariboo Pulp & Paper Facility
West Fraser Timber Co. Ltd. announced on Tuesday that it is planning to curtail operations at the Cariboo Pulp & Paper facility, which it jointly owns with Mercer International in Quesnel, British Columbia, beginning in mid-April for a month and then again for another month sometime in Q3.
Domain Timber Advisors Adds 22,000 Acres to Its Southeast US Timberlands Portfolio
Domain Timber Advisors, a subsidiary of Domain Capital Group, announced that it has acquired approximately 22,000 acres of timberland throughout the southeast US. With these acquisitions, the total acreage under the company’s management is now more than 264,000 acres.
US Forest Service Estimates That 36.3 Million Trees Died in California in 2022
A recently released report from the US Forest Service says that an estimated 36.3 million trees died in California in 2022. According to the report and reporting by ABC10, the high tree death rate is due to several factors, with drought at the top of the list.