The U.S. Department of Labor is reporting that an additional 251,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, July 16, 2022. This is an increase of 7,000 from the previous week’s unrevised level of 244,000.
Wood Markets News
The Lheidli T’enneh First Nation Reaches Timber Harvesting License Agreement With BC Government
The Lheidli T’enneh First Nation, located in the Prince George, BC, area, has reached an agreement with the BC government and will have exclusive timber harvesting rights to an estimated 217,312 hectares within the Nation’s territories east of Prince George.
Western Forest Products to Purchase Assets of Washington-Based Glulam Manufacturer Calvert Company
Western Forest Products Inc. announced on Tuesday that a wholly owned subsidiary of Western has entered into an agreement to acquire certain assets of Calvert Company, Inc. located in Washington State for the consideration of $12 million (USD), which includes $2.5 million in inventory.
Inflation Sends Canadian Consumer Price Index Up Month-Over-Month and Year-Over-Year in June
Statistics Canada reported on Wednesday that the Consumer Price Index (CPI) continues to rise. Driven by inflation, it rose 8.1% year-over-year in June, following a 7.7% increase in May. The June CPI increase was the largest year-over-year increase since January 1983.
Existing Homes Sales Decline Month-Over-Month and Year-Over-Year in June
The National Association of Realtors® reported on Wednesday that total existing home sales declined in three out of the four reporting regions in June. Sales were down by 5.4% from May to a seasonally adjusted rate of 5.12 million homes.
Mortgage Applications Drop in Week Ending July 15, 2022—Third Consecutive Decline
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 15, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 6.3% on a seasonally adjusted basis from one week earlier.
Privately-Owned Housing Starts, Permits, and Completions All Lower Month-Over-Month in June 2022
The U.S. Census Bureau reported on Tuesday that privately‐owned housing starts in June were at a seasonally adjusted annual rate of 1,559,000; this is 2.0% below the revised May estimate of 1,591,000 and 6.3% below the June 2021 rate of 1,664,000. Single-family housing starts in June were at a rate of 982,000; this is 8.1% below the revised May figure of 1,068,000.
West Fraser Issues Statement Regarding Recent Media Speculation About CVC Capital & Kronospan’s Interest in Acquiring the Company
Reuters reported on Tuesday (7-19-22) morning that according to a source familiar with the matter, private equity firm CVC Capital and wood panel manufacturer Kronospan have submitted a joint expression of interest in acquiring Canadian lumber company West Fraser Timber Co.
Quatsino First Nation and Western Forest Products Enter Into an Agreement on Shared Forest Resource Opportunities
Building on a Memorandum of Understanding signed in 2020 by Quatsino First Nation, Western Forest Products Inc, and the B.C. Provincial government, Quatsino and Western have entered into an agreement that provides for a joint vision and approach to share opportunities related to forest resources in unceded Quatsino traditional territory.
Mortgage Applications for New Home Purchases Decline Month-Over-Month and Year-Over-Year in June
The Mortgage Bankers Association (MBA) released on Tuesday the results of its Builder Application Survey (BAS) data for June 2022. The BAS reveals that mortgage applications for new home purchases declined 10% month-over-month and 12% year-over-year in June. These changes do not include any adjustments.