The advance figure for seasonally adjusted initial unemployment claims was 262,000 during the week ending on Saturday, June 10th. This is unchanged from the previous week’s revised level of 262,000. The 4-week moving average was 246,750—an increase of 9,250 from the previous week.
Wood Markets News
BC’s Skeena Sawmills and Bioenergy Plant Reopen as They Wait Word on a Provincial Grant
The Terrace Standard reported Wednesday that the Skeena Bioenergy plant reopened on Monday, June 5th, following a resumption of operations at Skeena Sawmills next door on Wednesday, May 31st.
Metsä Group to Construct New Kerto® LVL Mill in Äänekoski, Finland
Metsä Group announced that it has decided to invest approximately EUR 300 million to construct a new Kerto® LVL mill in Äänekoski, Finland, to produce beams and panel products used in the construction industry.
Maine’s Knickerbocker Group to Build Modular Homes to Help State With Housing Crisis
According to News Center Maine, Maine’s Knickerbocker Group, best known for custom building multi-million-dollar coastal homes, has begun a new venture—building small modular homes, called prefab pods. The company aims to help Maine meet its ongoing housing crisis.
Producer Price Index for Final Demand Declined in May; Up 1.1% Year-Over-Year
The Producer Price Index (PPI) for final demand, seasonally adjusted, declined 0.3% in May, after increasing 0.2% April and after declining 0.4% March. On an unadjusted basis, the index for final demand advanced 1.1% year-over-year.
Mortgage Applications Increase in the Week Ending June 9th
According to the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the week ending June 9th, the Market Composite Index—a measure of mortgage loan application volume—rose 7.2% on a seasonally adjusted basis from one week earlier.
Western Forest Products Announces Temporary Production Curtailments at Certain BC Sawmills
Western Forest Products announced on Monday that it plans to temporarily reduce its lumber production over the next month by approximately 19 million board feet due to weak market conditions.
Lack of Available Homes and Eager Buyers Continued to Push Home Prices Higher in May
Zillow® on Monday released its market report for May. According to the report, typical US home values increased by 1.4% from April to May, the strongest monthly price growth since June 2022. The typical home value is $346,856—up 0.9% year-over-year.
Oregon State University Awarded $1 Million Grant to Study How Mass Timber Reacts to Fire
FOX 26 KMVU reported that Oregon State University, located in Corvallis, Oregon, has been tasked with determining how mass timber reacts to fire. The project comes with a $1 million grant.
Mortgage Credit Availability Declined in May
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 May. The MCAI fell by 3.1% to a reading of 96.5.