The Associated Builders and Contractors reported on Tuesday that its Construction Backlog Indicator declined to 8.7 months in March. However, the reading is 0.4 months higher than a year ago. The backlog is now at its lowest level since August 2022.
Wood Markets News
Mortgage Applications Increase in the Week Ending April 7th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 7th, the Market Composite Index—a measure of mortgage loan application volume—increased 5.3% on a seasonally adjusted basis from one week earlier.
Consumer Price Index Increases 0.1% in March; All-Item Index Up 5.0% Year-Over-Year
The US Bureau of Labor Statistics on Wednesday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.1% in March, on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 5.0% before seasonal adjustment.
NFIB’s Small Business Optimism Index Increased 0.8 Points in March; Still Below 49-Year Average
The National Federation of Independent Business reported on Tuesday its Small Business Optimism Index (SBOI) for March increased 0.8 points to a reading of 90.1. This marks the fifteenth consecutive month that the SBOI has been below the 49-year average reading of 98.
USDA, FHA Announce End to Pandemic Forbearances Effective May 31st
On Monday, President Biden signed a resolution that ends the presidentially declared national emergency for the COVID-19 pandemic that has been in place for over three years, according to “HousingWire.” Originally, the emergency declaration was scheduled to expire on May 11th.
Tolko Announces It Will Temporarily Eliminate One Shift at Its Armstrong, BC, Sawmill
“Castanet” is reporting that Tolko will temporarily eliminate one shift at its Armstrong, BC, sawmill. Approximately 65 employees will be off the job for the foreseeable future. The company’s plywood and co-generating facilities will not be impacted.
West Fraser Announces Revised Curtailment Schedule for Cariboo Pulp & Paper Mill in Quesnel, BC
West Frasier has revised its plans for the curtailment of its Cariboo Pulp & Paper facility in Quesnel, BC, according to local reporting by “MyCaribooNow.” West Fraser originally announced in early February that there would be two one-month shutdowns.
Ontario Agrees to 10-Year Logging Ban on Grassy Nerve First Nation Land
In a letter sent from Ontario to the Asubpeeschoseewagong Netum Anishinabek First Nation, the province indicated that it has abandoned its plans to open a portion of the First Nation’s traditional forest to commercial logging for the next 10 years.
Binderholz Holds Grand Opening at Its Enfield, NC, Sawmill Facility
Last Thursday, Binderholz Enfield LLC held a ceremony to commemorate the official opening of its lumber production facility located near Enfield, North Carolina, according to The Daily Herald.
Port of Riga, Latvia, Reports Forestry and Timber Industry Products Largest Group Transshipped in 2022
According to Dry Cargo International, the Port of Riga, a major port on the east coast of the Baltic Sea in the capital of Latvia, reported forestry and timber industry cargo were the largest cargo group transshipped through the port in 2022.