The National Federation of Independent Business, one of the largest small business associations in the US, reported on Tuesday its NFIB Small Business Optimism Index (SBOI) for December 2022. The December SBOI declined 2.1 points to a reading of 89.8.
Wood Markets News
Consumer Credit Debt on the Rise as Credit Card Interest Rates Set New Records
The US Federal Reserve on Monday released its latest G.19 Consumer Credit Report. Consumer credit outstanding grew to 7.1% (SAAR) in November, after climbing 7.4% SAAR in October. Revolving debt—which consists primarily of credit card debt—increased at a 16.9% rate.
West Fraser Announces Indefinite Curtailment of Its Perry Sawmill in Florida
West Fraser Timber Co. Ltd. announced today that it will indefinitely curtail its Perry Sawmill in Florida later this month. The company says the move is due to high fiber costs and softening lumber markets. The curtailment will reduce its US lumber production by 100 million board feet.
Skeena Sawmill Terrace, BC, Facility Announces 3-Week Log Intake Embargo
Citing the high cost of logs and other factors impacting its business, Skeena Sawmills announced in a press release that it had stopped receiving logs at its Terrace, BC, sawmill facility starting on Friday, January 6, 2023. The log intake embargo is scheduled to last three weeks.
Peak North America USA Announces $24 Million Project in Mobile County, Alabama
Peak North America USA, a provider of construction, installation, fabrication, and manufacturing services for the forest products industry, announced on Monday (1-9-23) a new $24 million project to open a facility in Mobile County’s Irvington community.
USDA Announces Appointment of Four Members to Serve on the Softwood Lumber Board
The US Department of Agriculture announced on Monday the appointment of four members to serve on the Softwood Lumber Board. Each appointee will serve a three-year term, effective immediately, through December 31, 2025. The Softwood Lumber Board is comprised of 14 members.
Masisa S.A. Announces Exit From Argentina
Masisa S.A., a wood products company headquartered in Chile, announced on December 29, 2022, that it had liquidated all of its assets in Argentina and was immediately ceasing all of its operations there. Masisa S.A. indicated the liquidation was part of its strategic plan.
US Wood Pellet Exports Declined Month-Over-Month and Year-Over-Year in November 2022
According to data released on Thursday by the USDA Foreign Agricultural Service, the US exported 694,199.7 metric tons of wood pellets in November. This is down from 750,989.2 metric tons in October and down year-over-year from 764,259.6 metric tons in November 2021.
Fannie Mae’s Home Purchase Sentiment Index® Posts Modest Gain in December
Fannie Mae on Monday reported its Home Purchase Sentiment Index® for December had increased 3.7 points to a reading of 61.0. The index, however, remains only slight above its all-time record low, which was set in October 2022.
Mortgage Credit Availability Decreased in December
According to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI) report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in December. The index has declined in nine out of the past ten months.