The Mortgage Bankers Association announced on Monday the results of its Builder Application Survey (BAS) for July 2022. According to the BAS, mortgage applications in July for new home purchases declined 16.1% year-over-year. Month-over-month applications declined by 7%.
Wood Markets News
Homes Sales Drop Month-Over-Month and Year-Over-Year in July 2022
Redfin reported today that their home sales have dropped 19.3% year-over-year in July. They are now at their lowest level since the beginning of the COVID-19 pandemic when the housing market was close to a standstill. This is the largest annual decline in US home sales in more than a year.
shishalh Nation and Interfor Corp. Fortify Economic Relations and Further Reconciliation in BC
On Thursday, the shishalh Nation BC and Interfor Corporation issued a joint press release announcing that on Wednesday, August 10, 2022, they had taken another critical step in advancing their economic relationship and supporting the economic vision of the shishalh Nation.
Fannie Mae Updates 2022 and 2023 Projections for GDP and Housing
Fannie Mae (FM) on Monday updated their projection for real GDP in 2022. FM now projects that GDP will be flat at 0.0% growth on a Q4/Q4 basis. According to FM, the latest GDP reading showed an expected decline in Q2, but recent data point to a return to a modest growth in Q3.
US National Interagency Fire Center Wildfire Update for August 22, 2022: 2 New Wildfires Reported
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US has been reduced to 48 with more than 774,562 acres across 11 different states currently burning. Two large new wildfires have been reported within the past 24 hours.
State-Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs Released for July 2022
Nonfarm payroll employment increased month-over-month in 46 states and the District of Columbia in July compared to the previous month. Four states reported job losses. Nationwide nonfarm payroll increased by 528,000 jobs in July, following a gain of 398,000 job in June.
New Zealand’s “Industry Transformation Plan” Could be Forest Products Industry’s Turning Point
New Zealand’s Wood Processing Industry Transformation Plan sets out ambitious targets for exporting more finished wooden products, increased wood construction domestically, and a huge transformation from oil and coal fuels/materials to wood-based sources instead.
Big River Group Announces Its Expansion With Acquisition of Timberwood Panels
Big River Group announced on Friday that it has expanded its national network and has increased their architectural product offering with the acquisition of specialty manufacturer Timberwood Panels. Big River Group noted that the purchase of Timberwood Panels is consistent with Big River’s strategy for geographical and segment growth.
Rent Growth Slows for Second Consecutive Month in July, Climbing 0.6% Month-Over-Month
Redfin is reporting that the national median asking rent price in July was up 14% year-over-year to $2,032 per month. Redfin says this is the smallest annual increase since November 2021 and compares with a revised gain of 15% in June and 16% in May of this year.
Canadian Unemployment Falls to New Record Low in June
Statistics Canada reported on Thursday that, according to the Labor Force Survey, unemployment in Canada fell by 54,000 (5.1%) in June. The decline has resulted in a record low unemployment rate of 4.9%.