The U.S. Bureau of Economic Analysis (BEA) reported on Friday (4-29-22) that personal income (PI) increased $107.2 billion (0.5%) in March, according to their estimates. Disposable personal income (DPI) increased $89.7 billion (0.5%). Personal consumption expenditures (PCE) increased $185.0 billion (1.1%).
Wood Markets News
New $200 Million State-Of-The-Art Sawmill Facility to Be Built in Amite County, Mississippi
Jackson, Mississippi-based CLAW Forestry Services, LLC., announced today (4-28-22) that an affiliate is going to be locating a state-of-the-art sawmill in Gloster, Amite Country, Mississippi. Construction of the new mill is scheduled to begin this summer, with lumber manufacturing starting in late 2023, or early 2024.
B.C. Government to Increase Revenue Sharing with First Nations on Stumpage and B.C. Timber Sales
The B.C. government announced on Wednesday (4-27-22) that it has increased the share of revenue that First Nations receive from forestry in their traditional territories. The share of revenue they currently receive is being increased as part of a longer-term revenue sharing model being co-developed by the province and First Nations.
Canada Mortgage and Housing Corporation Releases 2022 Housing Market Outlook Report
The CMHC is expecting that the number of home sales and the pace of price growth will remain elevated in 2022, compared to long running averages, but will moderate from their recent peak in 2021. The CMHC expects that the current trend will continue into 2024, as the housing market continue to reflect the impact of higher mortgage rates.
Bureau of Economic Analysis Reports in Its “Advance” Estimate That Real GDP in Q1 2022 Decreased at an Annual Rate of -1.4%
The Bureau of Economic Analysis (BEA) released today (4-28-22) its “advance” estimate for real gross domestic product (GDP) in Q1 of 2022. According to the report, GDP decreased at an annual rate of -1.4%, following an increase of 6.9% in Q4 of 2021.
Mortgage Rates: 30-Year Ticks Down, 15-Year Ticks Up in the Week Ending April 28, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 28, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.10% with an average 0.8 point, down from last week when it averaged 5.11%. A year ago, at this time, the 30-year FRM averaged 2.98%.
Weekly Jobless Claims Move Lower in the Week Ending April 23, 2022
The U.S. Department of Labor is reporting that an additional 180,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, April 23, 2022. This is a decrease of 5,000 from the previous week’s revised level. The 4-week moving average was 179,750.
Canfor Moving Forward on Comprehensive Sustainability Strategy—Net-Zero Carbon Emissions by 2050
“Over the next eight years Canfor intends to invest at least $250 million in carbon reduction initiatives at our facilities to reduce our emissions by 42% by 2030. Based on the projects identified to date, a majority of the funds are anticipated to be invested in our Western Canadian facilities.”
Pending Home Sales Decline for Fifth Consecutive Month in March—Down Year-Over-Year
The National Association of Realtors® reported on Wednesday (4-27-22) their Pending Homes Sales Index (PHSI), which is based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops. In March, the PHSI declined -1.2% from February to a reading of 103.7.
U.S. National Interagency Fire Center Is Reporting That the 2022 Wildfire Season Is Actively Underway
The U.S. National Interagency Fire Center (NIFC) reported that the 2022 wildfire season is actively underway. Year-to-date through April 27, 2022, 21,181 wildfires had been reported and they had burned 1,080,836 acres. The NIFC notes that the past 10-year average, for the same time period, was 14,958 wildfires that burned 727,141 acres.