According to Realtor.com’s latest Monthly Rental Report, rental prices have grown by nearly 20% nationwide since the beginning of the pandemic (March 2020 to March 2022). Although the underlying reasons have shifted over the course of the pandemic, data suggests that renting remains a popular option for Americans who desire flexibility.
Wood Markets News
Canadian Wholesale Sales Drop in February, Marking the First Decline in Seven Months
Statistics Canada (StatsCan) reported on Thursday (4-14-22) that wholesale sales declined for the first time in seven months. According to the report, wholesale sales declined a modest -0.4% in February to $78.8 billion (CAD). Building material and supplies wholesalers recorded a 2.8% drop in sales to $13.7 billion as activity in the subsector.
Canadian Manufacturing Sales Increase for Fifth Consecutive Month in February, With Wood Industry Up 8.5%
Statistics Canada (StatsCan) reported today (4-14-22) that manufacturing sales increased for the fifth consecutive month in February, rising 4.2% to $67.7 billion (CAD) on higher sales in 14 of 21 industries. Sales in constant dollars increased 2.2% in February. Total manufacturing sales rose 19.5% on a year-over-year basis in February.
Canadian Federal Government’s Threat to Step in and Protect Quebec’s Woodland Caribou Considered an Overstep by Quebec’s Premier
The Canadian federal government is threatening to act on its own to protect the at-risk woodland caribou and the animals’ habitat in Quebec. Federal Environment Minister Steven Guilbeault gave Quebec until Wednesday, April 20 to provide him with information on how the province intends to protect the woodland caribou and its habitat.
Mortgage Rates Top 5.0% in Week Ending April 14, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 14, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.00% with an average 0.8 point. The 15-year fixed-rate mortgage averaged 4.17% with an average 0.9 point, up from last week when it averaged 3.91%.
University of Michigan Preliminary Consumer Sentiment Index for April 2022 Posts Surprising Gain
The University of Michigan today (4-14-22) released its preliminary Consumer Sentiment Index CSI) for April. The Index of Consumer Sentiment increased to a reading of 65.7, up from the March reading of 59.4. This represents a month-over-month increase of 10.6% but is down -25.6% year-over-year (88.3 in April 2021).
Weekly Jobless Claims Climb Higher in the Week Ending April 9, 2022
The U.S. Department of Labor is reporting that an additional 185,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday April 9, 2022. This is an increase of 18,000 from the previous week’s revised level.
Interfor Corp. Sells Acorn Specialty Sawmill in B.C. to Affiliate of San Industries Ltd.
Interfor Corporation announced that it has reached an agreement to sell its Acorn specialty sawmill, located in Vancouver, British Columbia, to an affiliate of San Industries Ltd. The mill has a two-shift rated capacity of approximately 140 million board feet per year but has been operating on a one-shift basis for many years.
Allowable Annual Cut Level Increased for Tree Farm License 53, Located in the Central Interior Near Quesnel
Albert Nussbaum, British Columbia’s acting deputy chief forester, has set a new allowable annual cut (AAC) level for Tree Farm License 53. The new AAC is 240,000 cubic meters. This is an increase of approximately 9.6% from the previous AAC of 219,000 cubic meters, which was set in 2010. It goes into effect immediately.
Canadian Investment in Building Construction Rises in February, Setting New Record High
Statistics Canada reported today (4-13-22) that the investment in building construction in February rose 4.0% to $20.0 billion (CAD), a new record high. Most provinces reported gains, with Quebec accounting for nearly 50% of the increase. On a constant dollar basis, investment in building construction increased 3.9% to $12.7 billion.