Tokyo-based Sumitomo Forestry Co. announced on February 1st that it has jointly established three companies—Bywater SFC Holdings, Bywater SFC Management, and Bywater SFC Investments (collectively Bywater SFC)—with British real estate developer Bywater properties.
Wood Markets News
Hasslacher Group Acquires 40% Stake in Egoin Wood Group
Hasslacher Group announced earlier in the week that it has acquired a 40% stake in Egoin Wood Group. Based in Spain, the Egoin Wood Group is an international timber industry company with a total production capacity of 22,000 m3 engineered timber products.
Building Materials Prices Post a 0.9% Increase in January, Ending Four Consecutive Monthly Declines
A closer look at the US Bureau of Labor Statistics Producer Price Index (PPI), with a focus on the cost of construction materials and analysis by the National Association of Home Builders, reveals that inputs to residential construction less energy rose 0.9%, not seasonally adjusted, in January.
Canadian Industrial Product Price Index Edges Higher, but Raw Materials Price Index Inches Lower in January
Statistics Canada reported Friday that following two consecutive months of declines, the Industrial Product Price Index increased 0.4% month-over-month in January. The Raw Materials Price Index suffered its third consecutive monthly decline, moving 0.1% lower month-over-month.
The Conference Board Leading Economic Index® Declined Again in January
The Conference Board released Friday its Leading Economic Index® (LEI) for the US in January. The LEI declined 0.3% in January to a reading of 110.3 (2016=100), following a 0.8% decline in December. The LEI has dropped 3.6% over the six-month period from July 2022 to January 2023.
US Housing Starts, Permits, and Completion Data Released for January
The US Census Bureau reported on Thursday that privately‐owned housing starts in January were at a seasonally adjusted annual rate of 1,309,000. This is 4.5% below the revised December estimate of 1,371,000 and 21.4% below the January 2022 rate of 1,666,000.
Canfor Resumes Production at its Houston, BC, Sawmill, but Temporary Shutdown Still Scheduled for April
Canfor’s Houston, BC, sawmill facility resumed full production on February 6th, the Houston Today reported on Wednesday. The restart follows the completion of repairs to a computer room that controls the operations of the trimmer saws, which was damaged by a fire on January 22nd.
Fixed Mortgage Rates Climb Higher for Second Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 16th. The 30-year fixed-rate mortgage averaged 6.32%, up from last week when it averaged 6.12%. A year ago at this time, the 30-year rate averaged 3.92%.
Producer Price Index for Final Demand Increases 0.7% in January—Up 6.0% Year-Over-Year
The Bureau of Labor Statistics reported today that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.7% in January 2023, following a 0.2% decline in December and a 0.3% increase in November.
US Weekly Jobless Claims Decrease for the Week Ending February 11th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 194,000 during the week ending on Saturday, February 11th. This is a decrease of 1,000 from the previous week’s revised level of 195,000 (originally reported as 196,000).