Statistics Canada reported on Monday that the total value of building permits in Canada declined -9.3% in March to a value of $1.7 billion (CAD). The decline was mainly due to the non-residential sector, which was down -29.5% to $3.7 billion. On a constant dollar basis, the total value of building permits was down -11.5% to $7.6 billion in March.
Wood Markets News
Fannie Mae Home Purchase Sentiment Index for April Drops to Its Lowest Level Since May 2020
On Monday, Fannie Mae reported its Home Purchase Sentiment Index (HPSI) for April. The HPSI was down -4.7 points to a reading of 68.5 in April, its lowest level since May 2020, as consumers expressed growing concerns about housing affordability and rising mortgage rates. All six components of the HPSI were down month-over-month.
Federal Reserve Releases Its G.19 Report; Consumer Credit Increases in Q1 2022
The U.S. Federal Reserve has released its latest G.19 Consumer Credit Report (CCR) for Q1 of 2022. According to the CCR, non-real estate secured consumer credit increased at a seasonally adjusted annual rate of 9.7%, with revolving debt growing at 21.4% and nonrevolving debt at 6.1%.
Memorandum of Understanding Strengthens Secwepemc Value-Added Supply Chain
A press release on Friday announced the signing of a Memorandum of Understanding (MOU) between B.C.’s Adams Lake Indian Band, Gilbert Smith Forest Products, and Woodtone Specialties. The MOU establishes a framework for the three parties to identify opportunities for cooperation, joint ventures, and shared decision making.
U.S. Wood Pellet Exports Increase Month-Over-Month and Year-Over-Year in March 2022
According to data released on Wednesday (5-4-22) by United States Department of Agriculture’s (USDA) Foreign Agricultural Service, the U.S. exported 801,396.9 metric tons of wood pellets in March, up from 628,659.8 metric tons of wood pellets in February. This is a year-over-year increase of 667,309 metric tons.
Slowing UK Housing and RM&I Markets Return Timber Imports to Pre-pandemic Levels
According to the latest Timber Development UK (TDUK) statistics, a slower UK housing and RM&I market in Q1 2022 is being reflected in the timber import volumes. TDUK data shows that while timber import volumes are nearly -20% below February 2021 levels, they remain modestly above pre-pandemic levels of February 2020.
U.S. Nonfarm Payroll Increases by 428,000 in April; Unemployment Holds Steady at 3.6%
The U.S. Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 428,000 in April, following revised increases of 428,000 in March and 714,000 in February. In the first four months of 2022, nearly 2.1 million jobs were created, and monthly employment grew at an average rate of 519,000 jobs per month.
Canada’s Employment Rate Holds Steady in April, While Unemployment Declines to New Record Low
Statistics Canada reported today its Labor Force Survey for April 2022. Employment in Canada was little changed in April. Previously, employment increased by 409,000 (2.1%) during February and March, following losses in January, the result of the fifth wave of COVID-19. The unemployment rate edged down a further -0.1 percentage points to 5.2%.
Vaagen Fiber Canada’s Midway Mill Resumes Operation After a Four-Week Planned Shutdown
Vaagen Fibre Canada’s Midway Mill is back in operation following a four-week planned shutdown, which started on April 4, 2022. Plant Manager Darryl Reekie said the shutdown was a way to conduct a thorough check-up on the health of all machinery and ensure a smooth-running operation for the remainder of the year.
U.S. National Interagency Fire Center Wildfire Releases Update for May 5, 2022
In today’s briefing, the NIFC is reporting that 1 new wildfire was burning in Colorado. Nationally, nearly 3,400 wildland firefighters and support personnel are assigned to 10 large fires. The Southwest area continues to have the largest fire activity, where five incident management teams are assigned.