The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today the Leading Economic Index® (LEI) for the US in May of 2022. According to the report, the LEI for the US declined -0.4%, falling to a reading of 118.3 (2016=100). The decrease follows a -0.4% decline in April.
Wood Markets News
US Housing Starts and Permits Decline in May 2022; Completions Trend Higher
The US Census Bureau reported on Thursday that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,549,000; this is -14.4% below the revised April estimate of 1,810,000 and is -3.5% below the May 2021 rate of 1,605,000. Single-family housing starts in May were at a rate of 1,051,000.
Egger Reported to Be Investing in Third Thermally Fused Lamination Lane at Its Lexington, NC, Facility
According to a June 14th report in the Triad Business Journals, Egger Wood Products—the Austria-based maker of wood-based materials, which opened its first US-based laminated plant in Lexington, NC, in 2020 producing particle board and thermally fused laminates (TFL)—is looking to expand at its facility.
Canadian Home Sales Slow Further in May 2022
The Canadian Real Estate Association reported on Tuesdaythat national homes sales recorded over Canadian MLS® Systems declined by -8.6% between April and May. This builds on a larger drop recorded in April, leaving monthly activity at pre-COVID levels recorded in the second half of 2019 and only slightly above the 10-year average.
Sweden’s Setra Now Offering Cross-Laminated Timber Frames With Moisture Protection
Lesprom Network is reportingthat Setra, one of Sweden’s largest wood industry companies, is the first company in Sweden to offer a new moisture protection for frames made from cross-laminated timber. The moisture protection, Wetguard200SA, is manufactured by Siga Cover AG, a Swiss company, and is applied to surfaces such as floor structures.
Mortgage Rates Surge Higher in the Week Ending June 16, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 16, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.78% with an average 0.9 point, up from last week when it averaged 5.23%. This is the largest one week increase since 1987.
Weekly Jobless Claims Inch Lower in the Week Ending June 11, 2022
The U.S. Department of Labor is reporting that an additional 229,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, June 11, 2022. This is a decline of 3,000 from the previous week’s revised level. The 4-week moving average was 218,500.
Canadian Housing Starts Trend Lower in May 2022
According to the Canada Mortgage and Housing Corporation, the trend in housing starts in May were at 254,727 units, down from April’s reported 257,833 units. The trend measure is a six-month average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
Mortgage Applications Jump 6.6% in the Week Ending June 10, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending June 10, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 6.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 17.0%.
Malaysia and Vietnam Timber and Timber-Based Industries Sign Memorandum of Cooperation
A Memorandum of Cooperation (MoC) was signed today between the timber and timber-based industries in Malaysia and Vietnam. The MoC is intended to help to further develop the timber trades in both countries. The MoC is in line with the Asean Summit agreement of 2000 where the Initiative for Asean Integration was launched.