The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (10-21-21) the Leading Economic Index® (LEI) for the U.S. in September. According to the report, the LEI for the U.S. increased by 0.2% in September to 117.5 (2016 = 100). This follows a 0.8% increase in August and a 0.9% increase in July.
Wood Markets News
Freddie Mac Expanding Eligibility to Help More Low- and Moderate-Income Homeowners Refinance Affordably
On Monday (10-18-21) Freddie Mac issued a statement in support of an announcement by the Federal Housing Finance Agency (FHFA) that Freddie Mac and Fannie Mae’s low-income refinance program will be expanded to include those making at or below 100% of the areas median income (AMI) — up from 80% AMI.
Mortgage Rates Climb Higher in the Week Ending October 21, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 21, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.09% with an average 0.7 point, up from last week when it averaged 3.05% percent. A year ago, at this time, the 30-year FRM averaged 2.80%.
Weekly Jobless Claims Decline in the Week Ending October 16, 2021
The U.S. Department of Labor is reporting that an additional 290,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday October 16, 2021. This is a decrease of 6,000 from the previous week’s revised level and the lowest level for initial job claims since March 14, 2020, when it was 256,000.
One Sky Forest Products Moving Forward with Development of OSB Plant in Prince Albert, Canada
One Sky Forest Products Ltd., working together with its Indigenous partners, is moving forward with the development of a best-in-class, low-cost commodity Oriented Strand Board (OSB) facility in Prince Albert, Saskatchewan, Canada. Construction of the new facility is scheduled to start in Q3 2022, with start up targeted for 2023.
Intelligent City Opens First Robotically Automated Urban Housing Factory
“We are now the first in the world to use advanced robotics to automatically assemble mass timber building systems that have been tested to meet the latest building code and net zero standards,” Intelligent City Co-Founder Oliver Lang says. The company is currently working on project totaling 2880 homes in Canada and 1400 homes in the U.S., many of which are supported by BC Wood.
Nova Scotia Forestry Innovation Transition Trust Investing $9.8 Million in the Family Forest Network
Established following the closure of the Northern Pulp Mill in New Glasgow, Nova Scotia in January 2020, the Nova Scotia Forestry Innovation Transition Trust recently announced that it is investing $9.8 million (CAD) in the Family Forest Network (FFN) for a five-year pilot project. It will focus on ecologically sensitive forest treatments on 200 small private wood lots in the province.
Metsä Wood and Partners Design Hybrid Sandwich Wall Element, Combining Concrete with Kerto LVL
Metsä Wood and its partners have developed a hybrid sandwich wall element that they believe will renew offsite construction. The innovation combines concrete with Kerto LVL (laminated veneer lumber). The lighter weight of the hybrid sandwich wall elements proved to be a valuable benefit.
Housing Market Continues to Cool as the Year Winds Down
According to the latest U.S. Zillow Home Value Index (ZHVI) report, the quieting that started in housing market in late summer has rolled over into the early fall. Prospective buyers are finding slightly more selection, an increase in price cuts, and a bit more time to evaluate a home before it goes under contract.
Canadian Consumer Price Index Increases in September
Statistics Canada (StatsCan) reported today (10-20-21) that the Canadian Consumer Price Index (CPI) increased 4.4% year-over-year in September. The September increase was at the fastest pace since February 2003. Prices rose year-over-year in every major component.