According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending March 25, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -6.8% on a seasonally adjusted basis from one week earlier.
Wood Markets News
Bureau of Economic Analysis Reports Real GDP in Q4 2021 Increased at an Annual Rate of 6.9% In Its “Third and Final Estimate”
The Bureau of Economic Analysis (BEA) released today (3-30-21) its “third” estimate of real gross domestic product (GDP) for Q4 2021. According to the BEA, in Q4 2021 the GDP increased at an annual rate of 6.9%. For all of 2021, real GDP increased 5.7%, unrevised from the second estimate, in contrast to a decrease of -3.4% in 2020.
ADP Reports Private Sector Employment Continued to Grow in March 2022
According to the March ADP® National Employment Report™ released today (3-30-22), nonfarm private sector employment increased by 455,000 jobs from February to March. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
FHFA Home Price Index Up 1.6% Month-Over-Month and 18.2% Year-Over-Year in January 2022
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), released today (3-29-22), U.S. house prices increased month-over-month 1.6% in January. House prices increased 18.2% from January 2021 to January 2022. The 12-month changes ranged from 13.3% in the Middle Atlantic division to 23.1% in the Mountain division.
Skelleftea, Sweden Tackling the Climate Crisis One New Building at a Time
Skelleftea, a city in Sweden, is tackling the climate crisis one newbuilding at a time by bucking the trend of the customarily carbon-heavy construction industry. One such example is the new Sara Culture Centre that opened its doors is September 2021. Those behind the Sara Cultural Centre—the second tallest wooden tower in the world—claim the skyscraper will capture nine million kilograms of carbon dioxide throughout its lifetime
Unfilled Construction Job Openings Continued to Hold Steady in February
A closer look at the Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Summary (JOLTS) for February reveals that the number of open construction positions continues to hold steady at 381,000 unfilled jobs. From a historical standpoint, the largest number of unfilled positions was 416,000 set in April 2019.
U.S. Home Prices Post 19.2% Year-Over-Year Gain in January 2022
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported today (3-29-22) that home prices experienced a 19.2% annual gain in January (following a 18.9% annual gain in December, the same as in November, but down from a 19.0% annual gain in October).
The Conference Board Reports its Consumer Confidence Index® Improved in March
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (3-29-22) their Consumer Confidence Index® (CCI) for March 2022. The CCI increased slightly in March, after declining in both February and January. The Index now stands at 107.2 (1985=100), up from 105.7 in February.
Job Openings and Labor Turnover Summary Released for February 2022
On Tuesday (3-29-22), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for February 2022. According to the JOLTS report, as of the last day in February, the number of job openings were at 11.3 million or a rate of 7.0%. These are only minor changes from the January report.
Domestic Producers Could Benefit From a Proposed 50% Tariff on Imported Birch Plywood From Russia
Legislation passed last week by the U.S. House of Representatives would end “normal trade relations” with Russia and have a long-lasting trade impact if the proposed 50% tariffs on imports of birch plywood were to be put into effect. If signed into law, the Decorative Hardwoods Association said that this would create challenges for importers and potential opportunities for domestic manufacturers.