The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 191,000 during the week ending on Saturday, March 18th. This is a decrease of 1,000 from the previous week’s unrevised level of 192,000.
Wood Markets News
Canfor Announces Final Log Processing, Kiln, and Planer Shutdown Schedule for Its Houston, BC, Sawmill
British Columbia’s Houston Today newspaper reported Wednesday that layoff notices have gone out and the last log is set to be processed at Canfor’s Houston, BC, sawmill on March 31st. The move sets into motion the phasing out of the Houston sawmill facility originally announced by Canfor in late January.
Twin Rivers Paper Company Finalizes Sale of Its Plaster Rock Lumber Mill to Groupe Lebel
Twin Rivers Paper Company on Monday announced it has finalized the sale of its Plaster Rock Lumber Corporation, its softwood lumber mill in Plaster Rock, New Brunswick, to eastern Canadian lumber manufacturer and North American forest products leader Groupe Lebel.
Canadian National New Home Price Index Declines Month-Over-Month in February
Statistics Canada reported today that the Canadian National New House Price Index declined 0.2% month-over-month in February. This follows a similar decrease in January. The index has retreated in five of the past six months.
Construction Has Started on Stora Enso’s New Head Office in Helsinki
Helsinki, Finland, will soon be the home of the Katajanokan Laituri, according to Premier Construction News. The new building will house Stora Enso’s head office, a high-quality Solo Sokos Hotel Pier 4 hotel, as well as open spaces for the city’s residents.
Mortgage Applications Increase for Third Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 17th, the Market Composite Index increased 3.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0%.
Existing Home Sales Up 14.7% Month-Over-Month but Down 22.6% Year-Over-Year in February
The National Association of Realtors® (NAR) reported that total existing home sales—which are completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 14.5% month-over-month increase in February to a seasonally adjusted rate of 4.58 million homes.
Canadian Consumer Price Index Up 5.2% Year-Over-Year in February
Statistics Canada reported Tuesday that the Canadian Consumer Price Index (CPI) rose 5.2% year-over-year in February, following a 5.9% increase in January. This marks the largest deceleration in the headline CPI since April 2020. The deceleration in February was due to a base-year effect.
Improving Relations Between Australia and China are Helping to Improve Timber Trade
The Global Times, a CCP-affiliated publication, says that relations between Australia and China have started to warm after an abrupt halt to trade due to what the Chinese government saw as hostile policies from the previous Australian government. Timber imports to China from Australia are showing signs of recovery.
US Commercial and Multifamily Mortgage Debt Outstanding Grew 7.7% in 2022Q4
The Mortgage Bankers Association on Tuesday released its latest quarterly Commercial/Multifamily Mortgage Debt Outstanding report. The level of commercial/multifamily mortgage debt outstanding at the end of 2022 was $324 billion, or 7.7%, higher than at the end of 2021.