ARAUCO announced on Wednesday that its board of directors has approved an estimated investment of $235 million (USD) for the construction of a new MDF line in Zitácuaro, Mexico. The project is scheduled to be completed and the new line operational in 2025Q2.
Wood Markets News
Drax to Acquire Remaining 10% of Alabama Pellet LLC Joint Venture From Two Rivers Lumber
Drax Group announced on Wednesday that it has agreed to acquire the remaining 10% minority interest in Alabama Pellet LLC joint venture from Two Rivers Lumber Co. LLC. for a cash consideration of $22 million (USD). The transaction is expected to be completed by the end of October 2022.
Mortgage Rates Inch Lower in the Week Ending October 6, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 6, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.66% with an average 0.8 point, down from last week when it averaged 6.70%. A year ago at this time, the 30-year FRM averaged 2.99%.
Job Cuts Up Month-Over-Month and Year-Over-Year in September
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report released today, US-based employers announced 29,989 job cuts in September. This is a 46.4% increase from the 20,485 job cuts announced and reported in August 2022.
US Weekly Jobless Claims Increase for the Week Ending October 1, 2022
The US Department of Labor is reporting that seasonally adjusted an additional 219,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 1, 2022. This is an increase of 29,000 from the previous week’s revised-lower level of 190,000.
Total Commercial/Multifamily Borrowing and Lending Expected to Decrease 14% Year-Over-Year
According to an updated baseline forecast released on Tuesday by the Mortgage Bankers Association, total commercial and multifamily mortgage borrowing and lending is anticipated to fall to $766 billion this year, down 14% from $891 billion in 2021.
Total Value of Building Permits in Canada Increased 11.9% in August
StatCan reported today that the total value of building permits in Canada increased 11.9% in August to $ 12.5 billion (CAD). On a constant dollar basis (2012=100), the total value of building permits increased 10.0% to $7.5 billion.
US Construction Job Openings Increased in August, Even as Housing Slows
A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, with a focus on construction, reveals that the count of open, unfilled jobs declined 10% in August. The number of open construction jobs trekked higher, rising from 353,000 in July to 407,000 open positions in August.
ADP Reports Private Sector Employment Gains and Increased Compensation in September
According to the September ADP® National Employment Report™ released today, nonfarm private sector employment increased by 208,000 jobs in September, and annual pay was up 7.8% year-over-year. “We are continuing to see steady job gains,” ADP’s chief economist said.
Mortgage Applications Decline in the Week Ending September 30, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 30, 2022, the Market Composite Index decreased 14.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 14.0% compared with the previous week.