According to the Mortgage Bankers Association’s (MBA) new Loan Monitoring Survey (LMS), the total number of loans now in forbearance was unchanged from November’s reading of 0.70%, as of December 31, 2022. This marks the third consecutive month of the LMS being unchanged.
Wood Markets News
Tolko Extends Curtailments at Two BC Facilities
On Monday, Tolko Industries announced that downtime at its Soda Creek and Armstrong Lumber divisions in BC will continue through the month of February. The extended curtailments will reduce production by approximately 35 million board feet of stud lumber.
BC Provincial and Canadian Federal Government Offer Financial Support to Paper Excellence for Retooling Its Crofton Mill Facility
The Government of British Columbia and the Government of Canada announced that they are contributing a combined $18.8 million (CAD) to join with Paper Excellence’s investment in retooling their Crofton Mill facility to manufacture new pulp products.
Södra Announces Timber Price Hikes
Södra Skogsägarna, trading as Södra, a forestry cooperative based in Växjö, Sweden, announced on Thursday that it was raising the price of mainly normal spruce and pine timber purchased by members by SEK 30 per cubic meter, effective immediately.
Treaty 8 First Nations and BC Government Announce Collaborative Approach to Land and Resource Planning
The BC government and four Treaty 8 First Nations announced on Friday that they have reached a consensus on a collaborative approach to land and resource planning and to advance regional solutions to benefit everyone living in northeastern BC and Treaty 8 territory.
Timberlink Expanding Mill in Tarpeena, Australia
An investment of $90 million (A$) will fund the expansion of Timberlink’s Tarpeena, Australia, mill. The investment includes a $63 million manufacturing plant that will produce cross-laminated timber (CLT) and glue laminated timber (GLT) for the construction industry.
US Leading Economic Index® Declined Again in December, The Conference Board Reports
The Conference Board released today the Leading Economic Index® (LEI) for the US in December. The LEI declined 1.0% in December to a reading of 110.5 (2016=100), following a 1.1% decline in November. The LEI has dropped 4.2% over the six-month period from June to December.
Portland International Airport Installs 9-Acre Mass Timber Roof
Described in October 2022 as the crown jewel of the massive $2 billion dollar expansion of the Portland International Airport, the 9-acre mass timber roof, which has been under construction since last year in a remote corner of the airfield, has been installed.
Building Materials Costs Decline Month-Over-Month in December
A closer look at the Bureau of Labor Statistics December Producer Price Index (PPI) report reveals that the prices of goods used in residential construction ex-energy and not seasonally adjusted declined 0.3% in December—the fourth consecutive monthly decline.
BC Funding Projects to Expand Use of Fiber to Benefit Forestry Workers and Communities
New funding for the Forest Enhancement Society of British Columbia will benefit forestry workers and communities. The funding will be used to increase fiber supply aimed at keeping people working and local mills running, while at the same time reduce wildfire risks and climate emissions.