Seasonally adjusted, an additional 222,000 Americans made their initial filing for unemployment benefits during the week ending on September 3rd. This is a decrease of 6,000 from the previous week’s revised-lower level of 228,000 (originally reported as 232,000).
Wood Markets News
Red Stag Group Finalizes Acquisition of TimberLab Solutions
After 64-years of McIntosh family ownership, TimberLab Solutions has officially joined the Red Stag Group. Originally announced in mid-August, Red Stag Group last week completed a share sale, and the acquisition has been finalized.
Mortgage Applications Trended Lower in the Week Ending September 2, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 2, the Market Composite Index (a measure of mortgage loan application volume) decreased 0.8% on a seasonally adjusted basis from one week earlier.
Unwanted in Europe, Luxembourgish Wood Is Popular in China and Other Asian Countries
Private Forest Association’s Winfried Von Loe has provided greater insight into the international sales of Luxembourgish wood. Von Loe says that since demand for high grade wood is minimal within Luxembourg, most of it is being exported to the highest bidder.
Fannie Mae Home Purchase Sentiment Index® Slightly Lower in August
Fannie Mae today released its Home Purchase Sentiment Index® for August, which dropped 0.8 points to a reading of 62.0. This marks the sixth consecutive month of declines, as high home prices and elevated mortgage rates continue to drag down consumer sentiment.
Pandemic Led to Shift in Home Building From Large Metro Core Areas to Low-Density and Low-Cost Markets
The latest National Association of Home Builders’ Home Building Geography Index reports that home building activities have moved to low-density and low-cost markets since the beginning of the pandemic. This has led to a decline in single-family construction in large metro core and inner suburbs between Q4 2019 to Q2 2022.
Builders FirstSource Acquires Trussway
Builders FirstSource, the nation’s largest pro dealer with roughly 560 locations in 42 states, has announced it has acquired Trussway, a provider of prefabricated roof and floor trusses, as well as other value-added building components and services, including for the multifamily sector.
Two More US Freight Railroad Unions Reach Tentative Agreements; 7 Remain at Bargaining Table
On Friday, two more railroad unions announced that they had reached a tentative labor agreement with the US freight railroads. So far, 5 out of the 12 US freight railroad unions have reached a tentative agreement.
Western Forest Products Inc. Completes Acquisition of Calvert Company
Western Forest Products Inc. reported on Wednesday that its wholly owned subsidiary, WFP Engineered Products LLC, had completed the acquisition of certain assets of Washington-based Calvert Company Inc.
Oregon Mass Timber Coalition Receives $41.4 Million in Funding From “Build Back Better Regional Challenge”
With $41.4 million in funding from the federal “Build Back Better Regional Challenge” coming to the Oregon Mass Timber Coalition, a group of university researchers and state agencies in Oregon are seeing the potential of mass timber to help bridge the urban-rural divide.