A BC government initiative has provided the impetus for the construction of 307 environmentally friendly, laminated wooden buildings in just BC alone. The total number of mass-timber wood buildings across the entire US is currently 356.
Wood Markets News
Pending Homes Sales Decline Month-Over-Month and Year-Over-Year in September
The National Association of Realtors® reported on Friday that their Pending Homes Sales Index declined 10.2% in September from August to a reading of 79.5 (2001=100). The PHSI has now declined ten times in the past eleven months.
Vietnam’s Wood Products Industry Feeling the Pressure From War in Ukraine and Other Logging Issues
Vietnam is one of the world’s largest wood and furniture exporters. However, according to customs data, between August and September alone, Vietnam’s wood products exports sank 21%, with more than a 14.6% drop in total shipments.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for October
The University of Michigan today released the final results of its Consumer Sentiment Index for October. The Index of Consumer Sentiment increased to a reading of 59.9 in October, up from 58.6 in September. This is a month-over-month increase of 2.2%.
Second US Class 1 Freight Railroad Union Rejects Tentative Labor Agreement
The Brotherhood of Railroad Signalmen became the second US Class 1 freight railroad union to reject the tentative agreement, which representatives of the unions and the freight railroads had recently negotiated. Nearly 61% of the approximately 6,000 members voted against the agreement.
Oregon Board of Forestry Approves Changes to the Forest Practice Act
At a special board meeting on Wednesday, the Oregon Board of Forestry approved more than 100 changes to the Forest Practice Act. The approved changes will impact timber harvesting activities on more than 10 million acres of private and non-federal forests in the state.
Real GDP in Q3 Increased at an Annual Rate of 2.6%, BEA Reports in Its “Advance” Estimate
The Bureau of Economic Analysis released today its “advance estimate” for real GDP in 2022Q3. According to the report, GDP increased at an annual rate of 2.6%. This follows a reported decrease in Q2’s GDP annual rate of 0.6% and a 1.6% decline Q1 GDP.
30-Year Mortgage Climbs Above 7% For the First Time in 20 Years
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 27th. The PMMS reports that the 30-year fixed-rate mortgage averaged 7.08% with an average 0.8 point, up from last week when it averaged 6.94%. This is the highest level since April 2002.
US Weekly Jobless Claims Increase for the Week Ending October 22nd
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 217,000 during the week ending on Saturday, October 22nd. This is an increase of 3,000 from the previous week’s unrevised level of 214,000.
Mortgage Payments Increase in September After Three Consecutive Months of Declines
The Mortgage Bankers Association (MBA) reported on Thursday that homebuyer affordability decreased by 5.5% in September, after declining the three previous consecutive months. The national median payment applied for by applicants moved from $1,839 in August to $1,941 in September.