The NIFC is reporting that no large new fires were reported yesterday. Nationally, nine uncontained large fires have burned 328,189 acres. More than 4,200 wildland firefighters and support personnel are assigned to incidents in the Southwest and Southern areas.
Wood Markets News
Mortgage Rates: 30-Year Climbs Higher but 15-Year Edges Lower in the Week Ending May 12, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 12, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.30% with an average 0.9 point, up from last week when it averaged 5.27%.
Weekly Jobless Claims Move Lower in the Week Ending May 7, 2022
An additional 203,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 7, 2022. This is an increase of 1,000 from the previous week’s revised level. The 4-week moving average was 192,750.
War in Ukraine Sending Shockwaves Through Australian Construction Sector
Australia’s construction sector was struggling with labor shortages, supply chain issues, and inflation prior Russia’s invasion of Ukraine. However, the military conflict is adding yet another layer of complexity and turbulence to building efforts in the country. Last year, Australia imported $80 million worth of wood products from Russia.
Guy C. Lee Building Materials Purchases E.W. Godwin’s Sons Lumber Company
Smithfield, North Carolina-based Guy C. Lee Building Materials has announced that it has purchased all of the assets of E.W. Godwin’s Sons Lumber Company, one of Wilmington, North Carolina’s oldest family-owned businesses. The purchase will provide Guy C. Lees the ability to fully integrate into the Wilmington market.
Weaker Demand for Home Construction Loans Reported in Q1 of 2022
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.
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.