Resolute Forest Products Inc. announced on Monday the ratification of a four-year labor agreement with Unifor, the union which covers over 1,000 employees that work in eight of the company’s Quebec sawmills. The agreements were ratified on July 22.
Wood Markets News
BEA Reports Real GDP in Q2 2022 Decreased at an Annual Rate of 0.9% In Its “Advance Estimate”
The Bureau of Economic Analysis released today its “advance” estimate for real gross domestic product (GDP) in Q2 of 2022. According to the report, GDP decreased at an annual rate of 0.9% in Q2. This follows a GDP decline of 1.6% in Q1.
Mortgage Payments Declined Modestly Month-Over-Month in June
The Mortgage Bankers Association reported on Thursday that, according to its Purchase Applications Payment Index, homebuyer affordability was mostly unchanged in June. The national median payment applied for by applicants was down slightly to $1,893 from $1,897 in May.
Mortgage Rates Trend Lower in the Week Ending July 28, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 28. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.8 point, down from last week when it averaged 5.54%.
Weekly Jobless Claims Inch Lower in the Week Ending July 23, 2022
The US Department of Labor is reporting that an additional 256,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on July 23. This is a decrease of 5,000 from the previous week’s revised level.
Pending Homes Sales Drop in June
The National Association of Realtors® reported on Wednesday their Pending Homes Sales Index (PHSI) declined 8.6% in June to a reading of 91.0. The PHSI has now declined in six out of the past seven months. Year-over-year contract signings have declined 20.0%.
Mercer International to Purchase Outstanding Shares of the Parent Company of HIT
Mercer International Inc. announced on Friday that it had entered into an agreement to acquire all of the outstanding shares of the parent company of Holzindustrie Torgau (“HIT”) for consideration of €270 million, inclusive of forecasted net working capital of approximately €43 million.
Boise Cascade Company Completes Purchase of Coastal Plywood Company
Boise Cascade Company reported on Monday that it had completed its previously announced purchase of Coastal Plywood Company and its manufacturing operations in Chapman, Alabama, and Havana, Florida, for $512 million.
BC Government Funding Helps Company Convert Damaged Trees Into Engineered Wood Products
The BC provincial government has made funds available to Deadwood Innovations, a joint venture with the Nak’azdli Whut’en First Nation. Deadwood Innovations has received $200,000 (CAD) to support the creation of jobs and accelerate Indigenous participation in the forest sector.
Mortgage Applications Decline in the Week Ending July 22, 2022, Marking Fourth Drop in a Row
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 22, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.8% on a seasonally adjusted basis from one week earlier.