By a vote of 22-5, the Oregon State Senate voted on Tuesday (3-2-22) in favor of Senate Bill 1501, the Private Forest Accord compromise. The 44-page bill expands no-harvest buffers around streams, implements stricter requirements for roadbuilding, prioritizes non-lethal control of beavers, and creates a new modeling system to avoid and mitigate the effects of landslides.
Wood Markets News
Mortgage Rates Decline for Second Week in a Row in the Week Ending March 3, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 3, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.76% with an average 0.8 point, down from last week when it averaged 3.89%. The 15-year fixed-rate mortgage averaged 3.01% with an average 0.8 point, down from last week when it averaged 3.14%.
U.S. Job Cuts Declined While Hiring Increased in February 2022
According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S.-based employers announced 15,245 cuts in February 2022. This is a 20% drop from January’s total announced cuts of 19,064. In February, U.S. based employers announced plans to hire 215,127 workers, the highest February total on record.
Weekly Jobless Claims Decline in the Week Ending February 26, 2022
The U.S. Department of Labor is reporting that an additional 215,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, February 26, 2022. This is a decrease of 18,000 from the previous week’s revised level. The 4-week moving average was 230,500.
Citing Transportation Challenges, West Fraser Moves to Three-Day Week at B.C. Sawmills
In an email sent to Black Press Media, the owner of British Columbia’s Nelson Star newspaper, West Fraser Corporation confirmed that it is temporarily rolling back its operating schedules at their lumber mills across British Columbia, from 5-days a week to 3-days a week, due to ongoing transportation challenges.
Brazilian Exports of Wood-Based Products Increased 52.0% Year-Over-Year in January 2022
According to the International Tropical Timber Organization (ITTO), in January 2022, the value of Brazilian exports of wood-based products (except pulp and paper) increased 52% in value compared to January 2021, from US$254.4 million to US$387.1 million. Pine sawnwood exports grew significantly.
What’s Old is Suddenly New Again: Moving Roundwood Timbers by Rail in the U.K.
For the first time in 18 years, roundwood timbers have been successfully transported and delivered by rail to Pontrilas Sawmills in Herefordshire, England. Euroforest Ltd., an independent timber harvesting company, and Colas Rail delivered 400 tons of roundwood timbers from Newton Abbot in Devon to the sawmill site.
Mortgage Applications Continued to Decline in the Week Ending February 25, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending February 25, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased -0.7% on a seasonally adjusted basis from one week earlier.
Canadian Real GDP Increased Quarterly in Q4, Rounding Out a Year-Over-Year Gain in 2021
Statistics Canada (StatsCan) reported on Tuesday (3-1-22) that real gross domestic product (GDP) in Canada grew 1.6% in Q4 2021, following a 1.3% rise in Q3 2021. Real GDP posted a strong 4.6% growth in all of 2021, after the COVID-19 pandemic-induced decline (-5.2%) in 2020. Final domestic demand rose 0.7% in Q4 2021.
ADP Reports Private Sector Employment Increased in February
According to the February ADP® National Employment Report™, released today (3-2-22), nonfarm private sector employment increased by 475,000 jobs from January to February. ADP’s chief economist said, “Hiring remains robust but capped by reduced labor supply post-pandemic. Last month, large companies showed they are well-poised to compete with higher wages and benefit offerings.”