The National Association of Home Builders/Westlake Royal Remodeling Market Index (RMI) was released today. The RMI posted a reading of 77 in Q2 of 2022, declining 10 points from Q2 of 2021. This is the largest year-over-year decrease since the survey was redesigned in Q1 of 2020.
Wood Markets News
Producer Price Index for Final Demand Climbs 1.1% Higher in June—Up 11.3% Year-Over-Year
The Bureau of Labor Statistics (BLS) reported today (7-14-22) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 1.1% in June. On an unadjusted basis, final demand prices moved up 11.3% for the 12 months ending in June.
Mortgage Rates Push Higher in the Week Ending July 14, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 14, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.51% with an average 0.8 point, up from last week when it averaged 5.30%. A year ago, at this time, the 30-year FRM averaged 2.88%.
Weekly Jobless Claims Trend Higher in the Week Ending July 9, 2022
The U.S. Department of Labor is reporting that an additional 244,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, July 9, 2022. This is an increase of 9,000 from the previous week’s unrevised level of 235,000.
Nonresidential Construction Sector Backlog Indicator Declines Slightly in June
The Associated Builders and Contractors reported on Tuesday that according to the latest member survey, conducted between June 21 and July 5, its Construction Backlog Indicator fell .01 months in June and now stands at 8.9 months. Year-over-year, the reading is up 0.4 months.
Mortgage Applications Decline for Second Consecutive Week in the Week Ending July 8, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 8, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13.0% compared with the previous week.
Consumer Price Index Increases 1.3% Month-Over-Month and 9.1% Year-Over-Year in June 2022
The U.S. Bureau of Labor Statistics reported on Wednesday that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3% in June, on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 9.1% before seasonal adjustment.
Mortgage Credit Availability Declines for Fourth Consecutive Month in June
The MCAI declined 0.3% to a reading of 119.6 in June. The MBA notes that a decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012.
Teal Jones Group Breaks Ground on New $110 Million Sawmill Facility in Bossier Parish, Louisiana
Teal-Jones Group, the privately held international forestry products company based in British Columbia, with U.S. operations in Virginia and Mississippi, officially broke ground on Monday (7-11-22) on its new $110 million green field southern yellow pine sawmill in Plain Dealing, Bossier Parish, Louisiana.
Kelowna, BC, International Airport’s Terminal Expansion to Feature Mass Timber Construction
The British Columbia government announced today that the Kelowna International Airport will be expanding, with a terminal expansion and upgrades using mass timber. Officials say the use of prefabricated mass timber panels will reduce construction time and will result in less construction traffic to the site.