The Federal Reserve Board’s Senior Loan Officer Opinion Survey for Q1 of 2022, with further analysis provided by the National Association of Home Builders, reveals that Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate loans.
Wood Markets News
Labor Unrest in Ontario Leads to Construction Delays
On Monday, members of Ontario chapter of the United Brotherhood of Carpenters and Joiners of America began a strike action. Fifteen thousand carpenters in the industrial, commercial, and instructional sector walked off the job, joining thousands of crane operators and 15,000 other residential construction workers who walked off the job last week.
Mortgage Applications Increase for Second Consecutive Week in the Week Ending May 6, 2022
According to data from the Mortgage Bankers Association, for the week ending May 6, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 2.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0% compared with the previous week.
Consumer Price Index Increases 0.3% Month-Over-Month and 8.3% Year-Over-Year in April 2022
The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (5-11-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in April, on a seasonally adjusted basis. This increase follows a 1.2% increase in March, a 0.8% increase in February, and a 0.5% increase in January.
Louisiana Pacific Completes Major Conversion Project at its Houlton, Maine Facility
Louisiana Pacific has recently completed a major conversion project at its Houlton, Maine facility. According to Nathan Whitney, the Houlton plant manager, back in early 2021, Louisiana Pacific started converting the Houlton plant from manufacturing OSB to their flagship SmartSide siding products.
Dunkley Lumber Company Investing in Upgrades to Edgewood Forest Products Operation
Dunkley Lumber Company has announced that it is making a substantial investment to upgrade its Edgewood Forest Products operation. The company website says the Edgewood facility currently has an annual production capacity of 140 million board feet of SPF stud lumber and boards.
First Movement of Welsh Timber via Rail Since 2005 Successfully Completed
The last time a freight train carrying Welsh timber left Aberystwyth, Wales, heading through Newton and Welshpool, was 2005. That is until recently, as a trial was just conducted to see if regular freight traffic can return on the Cambrian line.
Mortgage Credit Availability Tightened For Second Consecutive Month in April 2022
According to the latest Mortgage Bankers Association (MBA) Mortgage Credit Availability Index (MCAI), which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in April. The MCAI declined by -3.2% to a reading of 121.1 in April.
The NFIB’s Small Business Optimism Index Declines for Fourth Consecutive Month in April 2022
The National Federation of Independent Business (NFIB) reported today that their NFIB Small Business Optimism Index was unchanged in April, holding steady at a 93.2, the fourth consecutive month below the 48-year average of 98.
Resolute Forest Products Begins Work on Its $17 Million Upgrade to Fort Williams First Nation Sawmill
Resolute Forest Products held a groundbreaking ceremony on Friday for its $17 million (CAD) upgrades at its sawmill at Fort William First Nation. According to an earlier press release, the project will improve log and lumber handling capabilities and increase the mill’s capacity by as much as 40 million board feet