Statistics Canada (StatsCan) reported today (2-16-22) that Canadian inflation in January 2022 surpassed 5% for the first time since September 1991, rising 5.1% on a year-over-year basis and up from a 4.8% gain in December 2021. The Canadian Consumer Price Index (CPI) increased 1.0% on an annual average basis in January 2022. On a monthly basis, the CPI rose 0.9% in January.
Wood Markets News
Mortgage Applications Decline for Second Consecutive Week in the Week Ending February 11, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 11, 2022, the Market Composite Index—a measure of mortgage loan application volume—decreased -5.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -3.0% compared with the previous week.
Home Builder Sentiment Slips Again in February
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported on Wednesday (2-16-22) that builder sentiment in the market for newly built single-family homes edged 1-point lower in February to a reading of 82. This marks the second consecutive month the HMI has slipped 1-point lower.
Fire at EACOM Lumber Operation in Timmins, Ontario Interrupts Production
Timmins Ontario firefighters were called out at 4:30 AM on Monday (2-14-22), in -31 degrees temperature, to battle a blaze at the EACOM lumber operations planner mill. Arriving on the scene, firefighters encountered smoke and flames coming from the roof tops of two buildings.
Stora Enso to Invest 9 Million Euros in Automated Cross-Laminated Timber Coating Line at Ybbs, Austria Sawmill
Stora Enso announced on Friday (2-11-22) that it will be investing 9 million euros in an automated cross-laminated timber (CLT) coating line at their Ybbs sawmill in Austria. In the news release, the company said the investment will further strengthen its position as a leading global provider of engineered wood products for low carbon, sustainable buildings.
New Owner and New Life for Sawmill Closed in 2015 in Jefferson County, Washington
A sawmill that closed back in 2015 has found a new owner and new life. According to Spencer Forest Products LLC’s construction engineer Rollie Dawson, the former Allen Logging Company sawmill in Jefferson County, Washington has been purchased for $1.25 million by Spencer.
Canadian Housing Starts Decline in January 2022
According to data released today (2-15-22) by Canada Mortgage and Housing Corporation (CMHC), the trend in housing starts declined in January 2022 to 254,133 units, down from 261,352 units in December 2021. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
Producer Price Index for Final Demand Increases 1.0% in January 2022
The Bureau of Labor Statistics (BLS) reported today (2-15-22) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.0% in January 2022. The January rise follows a revised 0.4% increase in December, a 0.9% increase in November, and 0.6% increases in October, September, and August.
Mortgage Credit Availability Declined in January as Lending Standards Tighten
According to the latest Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI), which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in January. The MCAI fell by -0.9% to a reading of 124.8 in January. A decline in the MCAI indicates that lending standards are tightening.
LP Building Solutions to Sell its Equity Interest in I-Joist Joint Venture to Resolute Forest Products
LP Building Solutions announced today (2-14-22) that it has entered into an agreement with Resolute Forest Products Inc. to sell its 50% equity interest in two joint ventures that produce I-joists. The sale, which is subject to customary adjustments, is valued at $50 million. The joint ventures are comprised of Resolute-LP Engineered Wood Larouche Inc. and Resolute-LP Engineered Wood St-Prime Limited Partnership.