According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending March 3rd, the Market Composite Index (a measure of mortgage loan application volume) increased 7.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 9.0%.
Wood Markets News
ADP® Reports Private Sector Employment Gains and Increased Compensation in February
According to the January ADP® National Employment Report™ released Wednesday, nonfarm private sector employment increased by 242,000 jobs in February and annual pay was up 7.2% year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
Job Openings and Labor Turnover Summary for January
On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for January. According to the JOLTS report, as of the last business day in January the number and rate of job openings declined to 10.8 million (a loss of 410,000) and 6.5%, respectively.
Fannie Mae’s Home Purchase Sentiment Index Declines Month-Over-Month and Year-Over-Year in February
Fannie Mae has released its Home Purchase Sentiment Index® (HPSI) for February. The HPSI fell 3.6 points in February to a reading of 58.0. The decline ends a streak of three consecutive monthly gains, returning the HPSI closer to its all-time survey low set in October 2022.
Employees at West Fraser Timber’s Barwick OSB Mill Ratify New Four-Year Agreement
Members of Unifor Local 324-99 working at West Fraser Timber’s Barwick OSB facility located near Ft. Frances, Ontario, have voted in favor of accepting a new four-year collective agreement with the company, according to Canadian Forest Industries.
Mercer International Announces Signing of First Major Mass Timber Project Contract
Mercer International announced that it has signed its first major mass timber project contract with a large consumer products retailer. The project is anticipated to consume four months of capacity at Mercer’s Spokane, Washington, facility on a single-shift basis in 2023.
Norra Skog to Build a New Timber Terminal in Östavall, Sweden
Norra Skog has announced it is investing SEK 57 million in the construction of a timber terminal to be built on a former sawmill site in Östavall, Sweden. The goal is to have Östavall operational sometime in the second half of 2024.
Arauco Warns Wildfires in Chile Could Cost the Company $50 Million in Revenue
On Wednesday, Arauco, the Chilean pulp and wood panel marker, said it is estimating that it could experience as much as a $50 million hit to its bottom line due to fires raging in the country’s south, according to a report by Reuters. Arauco is the forestry arm of the industrial group Empresas Copec.
Second Annual Softwood Lumber Board/US Forest Service Mass Timber Competition Open for Proposals
The Softwood Lumber Board and the US Department of Agriculture Forest Service Department jointly announced on Wednesday that the Forest Service’s second annual “Mass Timber Competition: Building to Net-Zero Carbon” is now open for proposals from eligible teams.
Resolute Forest Products to Temporarily Suspend Operations at Its Saint-Thomas-Didyme, Quebec, Facility
As reported in Le Nouvelles Hebdo, Resolute Forest Products Inc. announced Monday that it has temporarily suspended operations at its Saint-Thomas-Didyme, Quebec, facility until June 11th due to a lack of fiber.