The U.S. Department of Labor is reporting that an additional 214,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, March 12, 2022. This is a decrease of 15,000 from the previous week’s revised level.
Wood Markets News
Mosaic Forest Management to Defer Timber Harvesting on Some of its Timberland, Opting to Sell Carbon Credits Instead
Mosaic Forest Management, which oversees forest holdings for two B.C. companies—TimberWest Forest Corp. and Island Timberlands L.P.—which are owned by three large pension plans announced on Wednesday that it will defer the harvesting of 40,000 hectares of “old forests” on Vancouver Island and Haida Gwaii for at least 25-years.
Britton Lumber Company’s Eastern White Pine Mill in Bath, New Hampshire to be Expanded and Upgraded
Britton Lumber Company has announced their intention to expand their Eastern White Pine sawmill facility located in Bath, New Hampshire in August 2022. The mill currently is approximately a 30,000 square foot facility producing approximately 9 million board feet annually.
Prices of Goods Used in Residential Construction Increase 1.6% in February 2022
According to the latest Bureau of Labor Statistics (BLS) Producer Price Index (PPI) report, with analysis provided by the National Association of Home Builders (NAHB), the price of goods used in residential construction, less energy and not seasonally adjusted, increased 1.6% in February 2022.
Building Materials and Supplies Lead Canadian Wholesale Sector Sales Higher in January
Statistics Canada (StatsCan) reported today (3-16-22) that sales in the wholesale sector rose 4.2% in January to $79.8 billion (CAD). The increase in January marks the sixths consecutive month of growth in the sector and the is the largest since June 2020. Five of the seven subsectors posted gains.
Home Builder Sentiment Declines for Fourth Consecutive Month in March
On Wednesday (3-16-22), The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes edged 2-points lower in March to a reading of 79. Despite four consecutive monthly declines, the HMI has posted solid reading for the past 6-months.
Mortgage Applications Decline in Week Ending March 11, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending March 11, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -1.2% on a seasonally adjusted basis from one week earlier.
Koskisen Group to Discontinue Russian Sawing Operations and Stop Importing Sawn Goods and Logs From Russia
Koskisen Group, a Finland based, family-owned company found more than a 100-years ago, has announced that it has decided to discontinue its operations in Russia. According to the news release, the company will close out its Russian’s sawing operations and stop importing sawn goods and logs from Russia.
Canadian Home Sales Increased in February
The Canadian Real Estate Association (CREA) reported today (3-15-22) that national homes sales in Canada were up in February 2022, as buyers took advantage of early spring listings. Home sales recorded over Canadian MLS® Systems climbed 4.6% between January and February 2022.
Estonia’s Trade Associations Seek Tree Felling Relief During Russia–Ukraine War
A joint communique sent to Estonia’s Prime Minister Kaja Kallas from the Estonian Chamber of Commerce and Industry, the Estonian Employers’ Confederation, and the Trade Unions Confederation reads, “The war in Ukraine and the necessary sanctions it has caused have left Estonian companies short on materials that is mainly a risk for the forestry and timber sector and companies therein.”