Statistics Canada reported on Friday that lumber production in Canada increased 7.2% month-over-month (April 2022 to May 2022) to 4,649.5 thousand cubic meters. However, year-over-year production (May 2021 to May 2022) was down 5.3%.
Wood Markets News
BC Government Signs Incremental Treaty Agreement With Wei Wai Kum First Nation
At a community celebration on Thursday, the British Columbia provincial government and the Wei Wai Kum First Nation signed an Incremental Treaty Agreement (ITA) that will transfer 2,276 hectares of territorial lands back to Wei Wai Kum and help boost the Nation’s economic activities.
Canadian Investment in Building Construction Edges Higher in June
Statistics Canada reported that investment in building construction increased by 0.3% to $20.8 billion (CAD) in June. Non-residential sector gains helped to keep the overall building investment positive. June’s gains were the direct result of Ontario reporting gains in all building components.
Available Credit for Builders Shrank and Was More Expensive in Q2 2022
According to the latest National Association of Home Builders Survey on loans for Acquisitions, Development, and Construction (AD&C) released on Thursday, credit became both less available and more expensive on AD&C financing during Q2 of 2022.
University of Michigan Preliminary Consumer Sentiment Index Improves for August 2022
The University of Michigan today released its Preliminary Consumer Sentiment Index for August. The Index of Consumer Sentiment increased to a reading of 55.1 in August, up from its reading of 51.5 in July. This is a month-over-month increase of 7.0% but down 21.6% year-over-year.
Producer Price Index for Final Demand Declines in July—Still Up 9.8% Year-Over-Year
The Bureau of Labor Statistics reported today that the Producer Price Index for final demand, seasonally adjusted, declined 0.5% in July. This drop follows advances of 1.0% in June and 0.8% in May. On an unadjusted basis, final demand prices moved up 9.8% for the 12 months ending in July.
Housing Affordability in Q2 of 2022 Falls to Its Lowest Level Since the Great Recession
According to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index for Q2 of 2022, increasing mortgage rates, high inflation, low existing inventory, and rising home prices all caused housing affordability to fall to its lowest level since the Great Recession.
Mortgage Delinquency Rates Drop to Their Lowest Level Since 1979 in Q2 of 2022
The Mortgage Bankers Association reported today its National Delinquency Survey (NDS) for Q2 of 2022. According to the NDS, the delinquency rate for mortgage loads on one-to-four-unit residential properties declined to a seasonally adjusted rate of 3.64% of all loans outstanding.
Mortgage Rates Resume Upward Climb in the Week Ending August 11, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 11, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.22% with an average 0.7 point, down from last week when it averaged 4.99%. A year ago at this time, the 30-year FRM averaged 2.87%.
Weekly Jobless Claims Increase in the Week Ending August 6, 2022
The US Department of Labor is reporting that an additional 262,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, August 6. This is an increase of 14,000 from the previous week’s revised lower level of 248,000. The 4-week moving average was 252,000.