According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 10th, the Market Composite Index—a measure of mortgage loan application volume—increased 6.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7.0%.
Wood Markets News
US Becomes Sweden’s Second Largest Wood Products Export Market
A press release dated March 6th from Danske Bank, which provided highlights from its latest quarterly analysis, “Forest and Economy,” noted that reduced supply—not increased demand—has allowed Swedish wood products prices to begin rising once again, after their sharp decline in the autumn of 2022.
US Department of Commerce Announces Fifth Administrative Review of Antidumping and Countervailing Duties on Certain Softwood Lumber Products From Canada
On Tuesday, the US Department of Commerce published a notice in the Federal Register stating that it has initiated the Fifth Administrative Review (AR5) of the antidumping duty (AD) and countervailing duty (CVD) orders for certain softwood lumber products from Canada.
Investment in Canadian Building Construction Increased in January—All Components Rise
Statistics Canada reported today that in January, investment in building construction in Canada increased 1.5% to $20.4 billion (CAD), with all components posting gains. On a constant dollar basis (2012=100), investment in building construction increased 2.4% to $11.9 billion.
Consumer Price Index Increases 0.4% in February; All-Item Index Up 6.0% Year-Over-Year
The US Bureau of Labor Statistics on Tuesday reported that the Consumer Price Index for All Urban Consumers increased 0.4% in February, on a seasonally adjusted basis, after increasing 0.5% in January and declining 0.1% in December. Over the past 12 months, the all-item index has increased 6.0% before seasonal adjustment.
Maine’s College of the Atlantic Soon to Be Home of New Residential Hall Built From Timber
The College of the Atlantic, located in Bar Harbor, Maine, is soon to be home to a new residential hall being built with a wooden structural design, according to reporting by the Bangor Daily News. However, while the state has ample forestlands, Maine itself does not manufacture such wood products.
Mortgage Credit Availability Shrinks for Third Consecutive Month in February
According to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in February. Mortgage credit availability has declined eleven times in the past twelve months.
The NFIB’s Small Business Optimism Index Increased 0.6 Points in February
The National Federation of Independent Business reported on Tuesday its NFIB Small Business Optimism Index (SBOI) for February. According to the report, the February SBOI increased 0.6 points to a reading of 90.9—the fourteenth consecutive month that the SBOI has been below the 49-year average reading of 98.
Additional Financial Aid Available for Nova Scotia Private Woodlot Owners Impacted by Hurricane Fiona
Nova Scotia has announced that private woodlot owners will be receiving additional support to help them recover from the damage caused by Hurricane Fiona and promote the growth of healthy forests.
State-Level Construction Sector Employment Situation for January
A closer look at the US Bureau of Labor Statistics (BLS) Nonfarm Payroll Report for January reveals 40 states reported an increase in January when compared to December 2022. Conversely, 7 states reported jobs sector losses. Mississippi remained unchanged.