Canada released an updated set of model construction codes that will make Canadian homes and buildings “safer and more accessible while responding to climate change.” This is according to Kevin Griffiths, Chair of the Canadian Commission on Building and Fire Codes (CCBFC). The update includes allowing mass timber construction up to 12-stories tall.
Wood Markets News
Canfor Addresses Local Residents Concerns Regarding Outbound Log Movement from Houston, B.C. Sawmill
Canfor Corporation has addressed Houston, B.C. residents’ concerns over timber being moved from the Canfor Houston sawmill to the Canfor Plateau sawmill located in Vanderhoof. According to Canfor, the reason for the movement of logs from one facility to another is due to a shortage of logs at the Plateau mill.
Increasing Home Prices and Mortgage Rates Move Would-Be Homebuyers to the Sidelines
In a new report released on Thursday (3-31-22), Redfin, the Seattle-based, technology-powered real estate company, reported that mortgage rates continue to rise at the fastest pace in history. As a result, the typical monthly mortgage payment for a homebuyer has increased more than $500 since the start of 2022.
Construction Spending Increases Month-Over-Month and Year-Over-Year in February 2022
On Friday (4-1-22), the U.S. Census Bureau reported that total construction spending during February 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,704.4 billion, 0.5% above the revised January estimate of $1,695.5 billion. The February figure is 11.2% above the February 2021 estimate of $1,533.3 billion.
U.S. Nonfarm Payroll Increases by 431,000 in March; Unemployment Declines to 3.6%
The U.S. Bureau of Labor Statistics (BLS) reported today (4-1-22) that total nonfarm payroll employment increased by 431,000 in March, following revised increases of 750,000 in February and 504,000 in January. In 2022 Q1, job growth averaged 562,000, the same average monthly gain as seen in 2021 Q1.
Canfor to Reduce Production Schedules at Western Canadian Sawmills for a Minimum of Four Weeks
Canfor Corporation announced on Wednesday afternoon (3-30-22) that effective Monday, April 4, 2022, it will be implementing reduced operating schedules at its Western Canadian sawmills. This is due the cumulative effects of the unprecedent global supply chain crisis that has been ongoing for the past several months, Canfor says.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Increased in February 2022
The U.S. Bureau of Economic Analysis (BEA) reported on Thursday (3-31-22) that, according to their estimates, personal income (PI) increased $101.5 billion (0.5%) in February. Disposable personal income (DPI) increased $76.1 billion (0.4%) in February. Personal consumption expenditures (PCE) increased $34.9 billion (0.2%) in February.
Canadian Real GDP Increased in January 2022, Marking Eighth Consecutive Months of Growth
Statistics Canada (StatsCan) reported today (3-31-22) that real gross domestic product (GDP) increased 0.2% in January, marking the eight consecutive month of growth. Goods-producing industries increased 0.8% in January, while the effects of the Omicron variant continued to take the wind out of the sails of services-producing industries.
Mortgage Rates Push Higher in the Week Ending March 31, 2022—The Fourth Consecutive Increase
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 31, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.67% with an average 0.8 point, up from last week when it averaged 4.42%. A year ago, at this time, the 30-year FRM averaged 3.18%.
Weekly Jobless Claims Increased in the Week Ending March 26, 2022
The U.S. Department of Labor is reporting that an additional 202,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, March 26, 2022. This is an increase of 14,000 from the previous week’s revised level. The 4-week moving average was 208,500—a decrease of 3,500 from the previous week’s revised average.