The National Veterans Resource Center, a first-of-its-kind facility, has opened on the campus of Syracuse University. Doubly curved cross-laminated timbers create a feature wall which wraps the exterior of the large central auditorium and forms a canopy over the 21,300 square foot space.
Wood Markets News
Mortgage Applications Decline for Seventh Consecutive Week
According to data from the Mortgage Bankers Association, for the week ending November 4th, the Market Composite Index—a measure of mortgage loan application volume—decreased 0.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 2.0%.
Led by the Highest Interest Rates on Credit Cards Since 1994, Revolving Debt Surges in Q3
According to the Federal Reserve’s latest G.19 Consumer Credit Report, US consumer credit (less real estate) grew at a seasonally adjusted annual rate (SAAR) of 6.8% in 22Q3. Revolving debt increased at a rate of 12.9%, which is more than double the pace of nonrevolving debt at 4.9%.
29% of US Single-Family Homes for Sale in Q3 Were New Construction—A Record High
Redfin is reporting that in 22Q3, 29% of US single-family homes for sale were new construction. This is the highest share of any Q3 on record. It is up from 25% in 21Q3 and 18% in 20Q3.
US Wood Pellet Exports Decline Month-Over-Month but Remain Higher Year-Over-Year in September
According to data released on Thursday by the US Department of Agriculture’s (USDA) Foreign Agricultural Service, the US exported 766,508.2 metric tons of wood pellets in September 2022. This is down from 880,876 metric tons in August but up from 690,514.5 metric tons of wood pellets in September 2021.
Commercial/Multifamily Borrowing Declines Year-Over-Year in Q3
On Tuesday, the Mortgage Bankers Association (MBA) reported the findings of its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, commercial and multifamily mortgage loan originations declined 13% year-over-year in 2022 Q3.
NFIB’s Small Business Optimism Index Declines in October
The National Federation of Independent Business, one of the largest small business associations in the US, reported today their NFIB Small Business Optimism Index (SBOI) for October 2022. According to the report, the October SBOI declined 0.8 points to a reading of 91.3.
GreenFirst Forest Products Subsidiary Sells 203,000 Acres of Private Forestland to Perimeter Forest
GreenFirst Forest Products announced on Monday that its subsidiary, GreenFirst Forest Products (QC) Inc, has entered into an agreement to sell its interest in approximately 203,000 acres of private forest land to Perimeter Forest Limited Partnership for a cash consideration totaling $49.25 million (CAD).
US Railroad Union Strike Possible as Early as November 19th
On Saturday, members of the International Association of Machinists and Aerospace Workers (IAM) District 19 narrowly approved the ratification of a labor agreement with US Class 1 railroads. According to the IAM, 52% of its membership voted in favor of accepting the agreement.
Fannie Mae Home Purchase Sentiment Index for October at Lowest Level Since 2011
Fannie Mae today released its Home Purchase Sentiment Index® for October. The HPSI dropped 4.1 points to a reading of 56.7, its eighth consecutive monthly decline. This marks the lowest level since 2011 and well below the all-time high that was set in 2019.