The advance figure for seasonally adjusted initial unemployment claims was 242,000 during the week ending Saturday, May 13th. This is a decrease of 22,000 from the previous week’s unrevised level of 264,000.
Wood Markets News
US Housing Starts Increase in April; Permits and Completions Fall
Privately‐owned housing starts in April were at a seasonally adjusted annual rate of 1,401,000; this is 2.2% above the revised March. Single-family housing starts in April were at a rate of 846,000; this is 1.6% above the revised March figure of 833,000.
Nova Scotia Announces New Pilot Program to Provide Working Capital Loans for Forestry Contractors
The Province of Nova Scotia announced a new pilot program that will let forestry contractors borrow working capital to help their businesses succeed. Through the Timber Loan Board, contractors can borrow up to $50,000 (CAD) at a competitive rate.
Investment in Canadian Building Construction Declines in March
Statistics Canada reported that investment in Canadian building construction declined 1.3% to $20.3 billion (CAD) in March. On a constant dollar basis (2012=100), investment in building construction fell 1.8% to $11.5 billion.
Swinerton Tops Out Second Phase of Apartment Development in Charlotte, NC
Swinerton has topped out the second phase of The Joinery, located in Charlotte, North Carolina, according to REBusiness Online. The Joinery consists of two seven-story apartment buildings with a total of 360 units and 30,000 square feet of commercial space.
Mortgage Applications Decline in Week Ending May 12th
The Mortgage Bankers Association’s Market Composite Index—a measure of mortgage loan application volume—declined 5.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.0%.
CalPlant Announces Liquidation of Its Assets
CalPlant I Holdco LLC and its affiliates and subsidiaries announced that it will be proceeding with an orderly liquidation of its assets. The company had created the first no-added-formaldehyde, rice straw-based medium density fiberboard, Eureka™ MDF.
Skeena Sawmills Reopens Scales in Anticipation of Reopening on May 29th
Skeena Sawmills, which that has been shut down since early February, has reopened its scales today and has begun building log deck inventory in anticipation of the sawmill restarting on Monday, May 29th.
US Builder Sentiment Up for Fifth Consecutive Month in May
The National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes increased 5 points in May to a reading of 50. This marks the fifth consecutive month of gains.
New Haven, Connecticut, to Be Home to Second Affordable Housing Project Using Wood in the US
Construction is underway in New Haven, Connecticut, on the second affordable housing project in the US that will substitute wood in place of steel and concrete. The 69-unit, two building complex will use mass timber.