The Conference Board Leading Economic Index® (LEI) for the US declined 0.7% in May to a reading of 106.7 (2016=100), after posting declines of 0.6% in April and 1.2% in March. The LEI has dropped 4.3% over the six-month period from November 2022 to May.
Wood Markets News
US Weekly Jobless Claims Unchanged in the Week Ending June 17th
The advance figure for seasonally adjusted initial unemployment claims was 264,000 during the week ending on Saturday, June 17th. This is unchanged from the previous week’s revised level. The 4-week moving average was 255,750—an increase of 8,500.
Tolko on Track to Reopen High Prairie, Alberta, OSB Mill by End of 2023
Alberta’s South Peace News reported that Tolko Industries is continuing to work towards its goal of reopening its High Prairie OSB mill that was devasted by an interior fire last year on May 20, 2022.
Number of US Homes For Sale Declines Year-Over-Year in May, Reaching The Lowest Level Since 2012
Redfin reported that in May the number of homes for sale in the US declined 7.1% year-over-year to 1.4 million units on a seasonally adjusted basis. That is the lowest level in Redfin’s database, which dates back to 2012.
Freddie Mac Releases Its Multifamily Apartment Investment Market Index for Q1
Multifamily investment increased by 5.3% in Q1 but decreased year-over-year, with the annual index down 16.6%. The Index’s quarterly increase nationwide and in all 25 markets was a sharp reversal from last quarter’s drop.
Mortgage Applications Rise in the Week Ending June 16th—The Third Consecutive Increase
According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume rose 0.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 1.0%.
“Stockholm Wood City” to Be World’s Largest Community Built Using Mass Timber
Atrium Ljungberg plans to build the world’s largest wooden city in Stockholm, Sweden, according to a feature by Architectural Digest. Construction is expected to begin in 2025, with the first completed buildings in 2027.
Shares of Mortgage Loans in Forbearance Declined Further in May
According to the Mortgage Bankers Association, the total number of loans now in forbearance decreased 2 basis points from 0.51% of servicers’ portfolio volume in April to 0.49% as of May 31st. The MBA estimates that 245,000 homeowners remain in forbearance plans.
US Housing Starts, Permits, and Completions All Increase Month-Over-Month in May
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7% above the revised April estimate of 1,340,000 and 5.7% above the May 2022 rate of 1,543,000. Single-family housing starts were at a rate of 997,000; this is 18.5% above the revised April figure of 841,000.
Alberta Wildfires Continue to Negatively Impact Tolko and West Fraser’s Log Harvesting Plans for 2023
Alberta’s South Peace News reported on Sunday that wildfires across northern Alberta have hindered harvesting plans by two forestry companies in the High Prairie region: Tolko and West Fraser.