According to CoreLogic’s latest loan performance report, which was released on Tuesday, approximately 2.7% of all mortgages in the U.S. were delinquent in March—a new historic low for the report. Year-over-year, it is a decline of -2.2% from the 4.9% posted in March of 2021. All 50 states posted annual declines.
Wood Markets News
Roseburg Forest Products Exploring Second MDF or Bioenergy Product Facility on West Coast
Roseburg Forest Products, a privately-owned company and a leading manufacturer of particleboard, medium density fiberboard (MDF), and thermally fused laminates, announced today that it is in the process of exploring the feasibility of locating a second MDF plant or bioenergy product facility within its current western operations footprint.
American Loggers Council Expresses Concern About High Fuel Costs for Logging Company Operations
The rapid increase in fuel costs is forcing loggers and log trucking companies to shut down operations, according to the American Loggers Council. The association states that fuel costs have risen from 25% to as much as 60% of operational costs and expects more shutdowns will occur. The ALC suggests a number of actions to ease the current strain.
Producer Price Index for Final Demand Edges 0.8% Higher in May 2022—Up 10.8% Year-Over-Year
The Bureau of Labor Statistics reported today that the Producer Price Index for final demand, seasonally adjusted, increased 0.8% in May. This rise followed advances of 0.4% in April, 1.6% in March, 1.1% in February, and 1.2% in January. On an unadjusted basis, final demand prices moved up 10.8% for the 12 months ending in May.
Realtor.com Updates its 2022 Home Buying Forecast
Realtor.com has updated its 2022 home buying forecast to better account for rising inflation and mortgage rates. The update predicts that home inventory will grow double-digits above 2021, which in turn will offer buyers a better-than-expected chance of finding a home. The forecast anticipates a summer break from the intense pace of home sales.
The NFIB’s Small Business Optimism Index Sets New Record Low in May 2022
The National Federation of Independent Business reported today their NFIB Small Business Optimism Index (SBOI) for May. According to the report, the May SBOI fell below the 48-year average reading of 98 for the fifth consecutive month to a reading in May of 93.1. That is -0.1 points below the April reading and a new record low for the index.
Canadian Investment in Building Construction Up 2.7% in April 2022
Statistics Canada reported today that investment in building construction rose by 2.7% to $20.9 billion (CAD) in April. Increases were reported in both residential, up 3.2%, and non-residential, up 1.4%. On a constant dollar basis (2012=100), investment in build construction grew 3.5% to $13.0 billion.
USDA Announces Southern Region Wood Innovations and Community Wood Grants Recipients
U.S. Agriculture Secretary Tom Vilsack announced on Friday more than $32 million to fund the 2022 Wood Innovations and Community Wood Grants. These grants hope to expand the use of wood products, expand emerging wood markets, and support active management that will improve forest health and resiliency.
Wood Engineering Technology Reports Construction of Their Second Production Line Is Advancing
Originally announced in June of 2021, work to build the second production line at the state-of-the-art Wood Engineering Technology at Matawhero, New Zealand is advancing. “The building to house all the production equipment is 40 percent complete, and we are starting the installation of the plant equipment over the coming few weeks.”
Canada’s First Office Building Constructed From Cross-Laminated Timber Welcomes New Tenants
On Friday (6-10-22), Natural Resources Canada announced the official occupancy of oN5, located in downtown Vancouver. oN5 is the first office building in Canada constructed using high-performance cross-laminated timber (CLT) panels. The top three stories of this four-story office building are constructed completely out of CLT.