The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for March. The Index of Consumer Sentiment declined to a reading of 63.4, down from 67.0 in February. This is a month-over-month decrease of 5.4% but up 6.7% year-over-year.
Wood Markets News
US Housing Starts, Permits, and Completions All Rise in February
The US Census Bureau reported on Thursday that privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,450,000. This is 9.8% above the revised January estimate of 1,321,000. Single-family starts were at a rate of 830,000; this is 1.1% above the revised January figure of 821,000.
EU Parliament Adopts More Ambitious Carbon Sink Goals
The EU Parliament on Tuesday adopted the revised regulation on the land use, land use change, and forestry sector (LULUCF) which seeks to improve natural carbon sinks to make the EU the first climate-neutral continent by 2050 and improve biodiversity in line with the European Green Deal.
Fixed Mortgage Rates Retreat After 5 Consecutive Weeks of Gains
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 16th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.60%, down from last week when it averaged 6.73%. A year ago at this time, the 30-year rate averaged 4.16%.
Building Materials Prices Post a 0.3% Increase in February; Rise 2.9% Year-Over-Year
A closer look at January’s US Bureau of Labor Statistics Producer Price Index (PPI) reveals that for the second consecutive month the PPI for inputs to residential construction less energy increased, rising 0.3%, not seasonally adjusted, in February. This follows a revised 1.1% increase in January.
Mortgage Applications for New Home Purchases Up 4.0% Month-Over-Month in February
The Mortgage Bankers Association is reporting that data from its February Builder Application Survey reveals mortgage applications for new home purchases increased 4.0% from January and were 1.2% higher year-over-year.
US Weekly Jobless Claims Decrease in the Week Ending March 11th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 192,000 during the week ending on Saturday, March 11th. This is a decrease of 20,000 from the previous week’s revised level of 212,000.
US Surface Transportation Board Approves Canadian Pacific Railways’ Acquisition of Kansas City Southern Railroad
The Canadian Pacific Railway and the Kansas City Southern Railroad) jointly announced on Wednesday that the US Surface Transportation Board has issued a decision approving the CP and KCS joint merger application, subject to certain conditions, thereby authorizing the two railways to combine.
Canadian Housing Starts Increase Month-Over-Month in February
The Canada Mortgage and Housing Corporation announced Wednesday that the standalone monthly seasonally adjusted rate (SAAR) of total housing starts for all areas in Canada increased 13% to 243,959 units in February when compared to 216,514 units in January.
Canadian Home Sales Trend Higher in February, Despite Decline in Available Inventory
The Canadian Real Estate Association (CREA) reported Wednesday that home sales recorded over the Canadian MLS® Systems were up 2.3% month-over-month in February. Gains were led by the Greater Toronto and Greater Vancouver areas.