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.
Wood Markets News
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.”
Potential Impacts of Russia-Ukraine Conflict on Softwood Log and Lumber Markets
Sanctions on Russia will severely limit its ability to participate in international trade, but the impacts to its softwood log and lumber trade are likely to be less affected than other industries.
Canfor Completes Purchase of Millar Western Forest Products Ltd.’s Solid Wood Operations
Canfor Corporation announced today (3-1-22) that it has finalized and completed the purchase of Millar Western Forest Product Ltd.’s solid wood operations, which was originally announced on December 16, 2021. Don Kayne, President and CEO, Canfor said, “We are very excited to welcome the employees at the Whitecourt, Fox Creek, and Spruceland facilities to the Canfor team.”
Residential Construction Loan Volume Reaches Post-Great Recession High Levels in Q4 2021
According to data provided by the FDIC, with further analysis provided by the National Association of Home Builders (NAHB), residential construction loan volume during Q4 2021 reached a post-Great Recession high, as home building activity posted gains for the entire year. According to the report, the volume of 1–4-unit residential construction loans made by FDIC-insured institutions increased 1% during Q4 of 2021.