According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending January 27th, the Market Composite Index (a measure of mortgage loan application volume) declined 9.0% on a seasonally adjusted basis from one week earlier.
Wood Markets News
US Census Bureau Quarterly Residential Vacancies and Homeownership Report Released for 2022Q4
The US Census Bureau on Tuesday released its Quarterly Residential Vacancies and Homeownership report for 2022Q4. According to the report, the homeownership rate of 65.9% in 2022Q4 was little changed from the 2021Q4 rate of 65.5%. Approximately 89.9% of the housing units were occupied.
FHFA Reports US Home Prices Declined 0.1% in November but Were Up 8.2% Year-Over-Year
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (1-31-23), US home prices declined 0.1% in November when compared to October. Year-over-year, home prices rose 8.2%. The previously reported 0.0% price increase in October 2022 remained unchanged.
Canadian Real GDP Edged Higher in November; Preliminary December GDP Flat
Statistics Canada today released its real gross domestic product (GDP) report for November. According to the report, Canadian real GDP edged 0.1% higher in November, following a 0.1% uptick in October. Fourteen out of the 20 industrial sectors reported increases in November.
Construction of Six-Story Mass Timber Student Housing Project at University of Fraser Valley’s Abbotsford, BC, Campus to Get Underway
Turner Construction Co. and Clark Builders have been appointed by University of Fraser Valley to build a 398-bed student housing community on its Abbotsford, BC, Canada campus. Originally announced in May 2022, the $73.7 million (CAD) project will triple the campus’ number of beds.
S&P CoreLogic Case-Shiller US Home Price Index Declined Further in November
On Tuesday, S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The Index reported that home prices experienced a 7.7% annual gain in November. The increase is down from a 9.2% annual gain in October.
The Conference Board’s Consumer Confidence Index Declines in January
The Conference Board released today its Consumer Confidence Index® (CCI) for January 2023. The CCI declined to 107.1 (1985=100) in January. This follows and upwardly revised figure of 109.0 for December. The Present Situation Index increased to a reading of 150.9 in January.
Drax Group Announces $50 Million Investment to Expand Its Aliceville, Alabama, Wood Pellet Plant
Citing growing global demand for biomass, Drax Group, a renewable energy company, announced that it is investing $50 million to expand its Aliceville, Alabama, wood pellet plant. The expansion will include upgrades to existing systems as well as new truck dumps and pelletizer units.
Sharp Decline in Alberta’s Mountain Pine Beetle Population is No Reason to Let Guard Down
A sharp decline in Alberta’s mountain pine beetle population is a positive development for the province’s economy and its forests. But according to Bruce Alexander, general manager of Sundre Forest Products – West Fraser, neither the lumber industry nor the government can let down their guard.
North Carolina Firm Developing Alternative to Traditional OSB and Plywood Using Grass
In a January 26th issue of Dezeen Architecture, Interiors, and Design Magazine, a North Carolina firm was featured that has developed an alternative product to replace traditional OSB and plywood-like materials. The company, called Plantd Materials, was co-founded by Josh Dorfman with former SpaceX engineers.