The U.S. Department of Labor is reporting that an additional 202,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, March 26, 2022. This is an increase of 14,000 from the previous week’s revised level. The 4-week moving average was 208,500—a decrease of 3,500 from the previous week’s revised average.
Wood Markets News
Canfor Pulp Products Inc. Extends Production Curtailment of BCTMP at Taylor Pulp Mill in B.C.
Canfor Pulp Products Inc. announced on Tuesday (3-29-22) that it was extending the curtailment of BCTMP production at its Taylor Pulp Vancouver, B.C. mill for a minimum of six-weeks. The curtailment extension is due to the ongoing transportation shortages that have resulted in continued high finished product inventories at the pulp mill.
Idaho Forest Group’s New Lumberton, Mississippi Sawmill Nearing Completion
In December of 2020, Idaho Forest Group announced that it was making a $120 million investment to build a green site sawmill on 174-acres in Lumberton, Mississippi. The project is now nearing completion, and the company is anticipating that the mill will be functional sometime in May or June of this year.
Verso Corporation Merger with BillerudKorsnäs AB Receives Federal and State Regulatory Approval
Verso Corporation announced on Tuesday (3-29-22) that it has received all of the necessary approvals from the Nuclear Regulatory Commission and the Public Service Commission of Wisconsin to complete its previously announced merger with BillerudKorsnäs AB, a Swedish pulp and paper company.
Koskisen Oy Investing in Kärkölä, Finland Sawmill
Koskisen Oy has entered into a supply agreement with Hekotek AS for new sawmill equipment to be delivered to their new wood processing unit in Kärkölä, Järvelä, Finland. Koskisen’s production facilities in Järvelä form Finland’s biggest mechanical wood processing integrates, where almost 100% of the wood raw material is used in its own processes.
First American Financial Corporation’s Real Home Price Index Released for January 2022
For the month of January, First American found that real house prices increased by 26.8% year-over-year or 6.3% from December 2021. This represents the highest annual growth rate seen since 2004. It also found that the average house-buying power is $458,317, down from $477,343 the previous month.
Mortgage Applications Decline for Third Consecutive Week in the Week Ending March 25, 2022
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.
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.