The MCAI declined by -0.7% to a reading of 125.1 in March. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012.
Wood Markets News
Canadian Employment Increases and Unemployment Edges Lower in March 2022
Statistics Canada (StatsCan) reported today (4-8-22) that total employment rose by 73,000 (+0.4%) in March, driven by an increase of 93,000 (+0.6%) in full-time work. The unemployment rate fell -0.2 percentage points to 5.3% in March, which is the lowest level since comparable data became available in 1976.
B.C. Builders Reconsider the Use of Mass Timber in Construction as Prices Surge Higher
Construction using mass timber remains a viable option and checks several boxes, including environmental, economic, and human resource factors. However, the unpredictable costs associated with mass timber construction, which includes supply chain and logistics issues, has made it a difficult scheme for many builders to embrace.
Swedish Forest Industry Joins Forces with Forest Machinery Manufacturer to Develop New Sustainable Forest Harvesting Machine
Sustainability is one of many major challenges facing the Swedish forestry industry. In 2019, a group of eight Swedish forestry companies, along with the forest machinery manufacturer Komatsu Forest, started working together to create a machine with a low-impact approach that could increase harvesting productivity and improve the operator’s environment.
U.S. Wood Pellet Exports Decline Month-Over-Month but Rise Year-Over-Year in February 2022
According to data released on Wednesday, April 6, 2022, by United States Department of Agriculture’s (USDA) Foreign Agricultural Service, the U.S. exported 628,659.8 metric tons of wood pellets in February, down when compared to the 655,656.5 metric tons exported in January.
Cross-Laminated Timber and Local Forest Products Featured in Remodeling of Quebec’s Chibougamau-Chapais Airport
The terminal highlights its proximity to the boreal forest by using locally produced wood and high-performance products such as glulam and CLT structural slabs. Timber curtain walls surround the waiting area on three sides. Engineered wood and steel components make up the roof structure.
Mortgage Rates Climb for the Fifth Successive Week in the Week Ending April 7, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 7, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.72% with an average 0.8 point, up from last week when it averaged 4.67%. A year ago, at this time, the 30-year FRM averaged 3.13%.
Weekly Jobless Claims Decline in the Week Ending April 2, 2022
The U.S. Department of Labor is reporting that an additional 166,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, April 2, 2022. This is a decrease of 5,000 from the previous week’s revised level.
West Fraser Announces Permanent Capacity Reduction at its Hilton, Alberta Pulp Mill
West Fraser announced on Wednesday (4-5-22) that it will permanently reduce capacity at its pulp mill in Hilton, Alberta (“Hilton Pulp”) by the end of this year. One of Hinton Pulp’s two production lines will shut, and the remaining line will produce Unbleached Kraft Pulp (“UKP”) rather than Northern Bleached Softwood Kraft Pulp (“NBSK”).
Enviva Inc. Announces Plan to Build a New Pellet Plant in Bond, Mississippi
Enviva Inc., the world’s leading producer of sustainable wood bioenergy, announced on Tuesday (4-5-22) that it will be investing approximately $250 million in Bond, Mississippi to build a new wood pellet production plant. The Bond plant is expected to have a production capacity of more than 1 million metric tons of wood pellets per year.