After approving a statewide hazard rating that will incorporate up to 300,000 properties with elevated risk of wildfires, Oregon forestry official are anticipating some blowback—especially from rural residents. Many of those rural tracts expect to face new defensible space and building code requirements.
Wood Markets News
Mortgage Rates Continued to Climb in the Week Ending June 23, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 23, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.81% with an average 0.8 point, up from last week when it averaged 5.78%. A year ago, at this time, the 30-year FRM averaged 3.02%.
Weekly Jobless Claims Modestly Lower in the Week Ending June 18, 2022
The US Department of Labor is reporting that an additional 229,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, June 18, 2022. This is a decline of 2,000 from the previous week’s revised level. The 4-week moving average was 223,500.
Canadian Unemployment at New Record Low; Long-Term Unemployment Remains Unusually High
Statistics Canada reported today that 20,000 fewer Canadians, or -3.8%, received regular employment insurance benefits in April. That brought the total number of beneficiaries to 496,000. In comparison, there were 1.2 million, or -70.2%, fewer regular EI beneficiaries in April of 2022 than in May of 2021.
Uniboard Canada Inc. Investing $250 Million in New State-Of-The-Art Particleboard Press Line at Its Val-D’Or, Quebec, Facility
Uniboard Canada Inc., a leading North American manufacturer of engineered wood products, announced on Tuesday that it was investing $250 million (CAD) in a new state-of-the-art particleboard press line at its Val-d’Or, Quebec, plant. The new continuous press will feature the latest in particleboard production technology.
Pacific Woodtech to Acquire LP Building Solutions’ Engineered Wood Products Business and SolidStart® Brand
LP Building Solutions (LP) today announced an agreement with Pacific Woodtech to acquire LP’s engineered wood products business for $210 million. The acquisition includes LP’s laminated veneer lumber and I-joist manufacturing facilities in three states/provinces, associated timber license assets, and the SolidStart® brand.
USDA Awards Grants to Virginia Tech and the Virginia Department of Forestry
Virginia Tech and the Virginia Department of Forestry are recipients of grants awarded under the Wood Innovation Grants Program (WIPG) from the US Department of Agriculture. WIPG looks at ways companies, organizations, and universities can stimulate and expand wood products and the wood energy markets.
New Vancouver Office Building Provides Examples of Rapid Timber Construction
oN5 is a new office building in downtown Vancouver, BC, constructed entirely of insulated, prefabricated cross-laminated timber (CLT). The new building includes instruments that monitor its performance, making it a living case study on the possibilities for urban infill projects with innovative mass timber.
Mortgage Applications Grew in the Week Ending June 17, 2022—The Second Consecutive Increase
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending June 17, the Market Composite Index increased 4.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0% compared with the previous week.
Construction Sector Employment Reported Higher Month-Over-Month and Year-Over-Year in May
A closer look at the Bureau of Labor Statistics’ nationwide total nonfarm payroll employment report for May and its impact on the construction sector, reveals that nonfarm payroll employment increased in 32 states and the District of Columbia, compared to April, while 18 states lost jobs.