The Bureau of Labor Statistics reported that the Producer Price Index for final demand, seasonally adjusted, increased 0.3% in November. On an unadjusted basis, the index for final demand advanced 7.4% for the 12 months ending in November.
Wood Markets News
University of Michigan Preliminary Consumer Sentiment Index Increases for December
The University of Michigan has released the preliminary results of its Consumer Sentiment Index for December. The Index of Consumer Sentiment rose to a reading of 59.1 in December, up from 56.8 in November. This is a month-over-month increase of 4.0% but down 16.3% year-over-year.
Custom Home Market Share Modestly Declines
Data from the US Census Bureau’s Survey of Construction, with additional analysis provided by the National Association of Home Builders, reveals that custom homes accounted for 17.6% of new single-family homes started in 2022. This share is down slightly from 17.8% recorded in 2021.
Significant Progress Reported in Western Australia’s Softwood Timber Estate Expansion
The competitive real estate market in Western Australia has not slowed the acquisition of land needed to expand the country’s western softwood timber estate. In September 2021, the government announced a record $350 million (A$), 10-year investment in the expansion of the State’s softwood plantation timber estate.
Fixed Mortgage Rates Decline for Fourth Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 8, 2022. The 30-year fixed-rate mortgage averaged 6.33%, down from last week when it averaged 6.49%.
US Jobless Claims Increase for the Week Ending December 3rd
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 230,000 during the week ending on Saturday, December 3, 2022. This is an increase of 4,000 from the previous week’s revised level of 226,000 (originally reported as 225,000).
Sumitomo Forestry America Announces Expansion Plans in Archdale, North Carolina
The office of North Carolina Governor Roy Cooper announced on Tuesday that Sumitomo Forestry America plans to invest approximately $19.5 million in a new 120,000 square-foot building in Archdale, NC. The facility will produce building materials used in residential and commercial projects.
Fannie Mae’s Home Purchase Sentiment Index® Posts First Increase in Nine Months in November
Fannie Mae on Wednesday released its Home Purchase Sentiment Index® (HPSI) for November. The HPSI increased 0.6 points to a reading of 57.3—the first increase recorded in the past nine months. Nonetheless, the HPSI remains just above the all-time low that was established last month in October.
Abitibiwinni First Nation Council and GreenFirst Forest Products Sign 5-Year Collaboration Agreement
The Abitibiwinni First Nation Council and GreenFirst Forest Products recently announced the conclusion of a 5-year collaboration agreement aimed at providing for mitigation, accommodation, and compensation measures in relation to the impact that the company’s activities could have on the Abitibiwinni Aki territory and rights.
Mortgage Applications Decline in Week Ending December 2nd
According to the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending December 2nd, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 36.0%.