According to the Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI), mortgage credit availability declined for the sixth consecutive month in August. The MCAI declined 0.5% to a reading of 108.3 in August. The Conventional MCAI decreased 1.0%.
Wood Markets News
The NFIB’s Small Business Optimism Index Rises 1.9% in August
The National Federation of Independent Business (NFIB) reported today their NFIB Small Business Optimism Index (SBOI) for August 2022. The August SBOI increased 1.9 points to a reading of 91.8; however, it is the eighth consecutive month that the SBOI has been below the 48-year average reading of 98.
Two Wood Product Expansion Projects Coming to Dothan, Alabama
SmartLam North America has announced it will be investing $62 million to build a new 140,000-square-foot custom manufacturing plant with the capacity to produce 84 million board feet annually. SmartLam will also be adding equipment to fully automate its existing 225,000-square-foot facility.
Three More Unions Reach Tentative Agreements with US Class 1 Railroads; Four Others Continue to Negotiate
The National Carriers’ Conference Committee (NCCC), which represents the US freight railroads, announced on Sunday that three more railroad unions have reached a tentative agreement on a new labor contract with the NCCC. In total, eight unions have now accepted tentative deals.
EU Parliament to Decide Fate of Biomass Subsidies in Pending Vote
Part of the European Union’s renewable energy directive, the biomass amendments, will be subject to a plenary vote in the European Parliament on Wednesday. Three of the European Parliament’s largest political groups have backed the proposal to end subsidies for biomass used in power plants and exclude primary wood burning from the EU’s renewable energy targets.
Lot Values Set New Record Levels in 2021
According to the US Census Bureau’s Survey of Construction, lot values for single-family detached housing starts in 2021 increased across the country, with the national value in six out of nine Census division setting new records. The US median lot price now stands at $55,000.
Canadian Employment Declines and Unemployment Rises in August 2022
Statistics Canada reported on Friday that employment fell by 40,000, or 0.2%, in August, bringing the cumulative decline since May 2022 to 114,000, or 0.6%. StatsCan notes that the decline in employment since May has been primarily in full-time work.
US National Interagency Fire Center Update for September 12, 2022: Two New Wildfires
The US National Interagency Fire Center (NIFC) reported on Monday that the total number of large wildfires and complexes currently burning in the US has grown to 93, with more than 813,066 acres across 7 different states currently burning. Two new fires were reported within the past 24 hours.
BC’s San Group Announces Investments to Expand San Forest Products and Acorn Sawmill
San Group recently announced expansion projects totaling $23 million (CAD) to expand the company’s flagship value-added division, San Forest Products in Port Alberni, and the newly acquired Acorn Sawmill in Delta.
Hancock Lumber to Acquire Madison Lumber Mill
On Thursday, Hancock Lumber announced its plans to acquire Madison Lumber Mill, located in Madison, New Hampshire. The sale is expected to close on or before September 30th. Hancock has indicated the mill will continue to operate under the Madison Lumber name.