West Fraser Timber Co. Ltd. announced that it has completed the sale of its Hinton Pulp mill in Alberta to Mondi Group plc (“Mondi”).
Wood Markets News
87 Wildfires From 2023 Continue to Burn in Northeast BC; Ongoing Drought Persists
According to the BC Wildfire Service, there are 87 wildfires actively burning in the Prince George region, an unusually high number, The Vancouver Sun reported.
US Asking Rents Decline for Sixth Consecutive Month in January
The US rental market logged its sixth consecutive month of negative growth with the nationwide median rent falling 0.3%, in February, Apartment List reported.
Canadian Lumber Production Inches 0.1% Lower Month-Over-Month November
In November, Canadian lumber production declined 0.1% month-over-month to 4,435.5 thousand cubic meters.
Drax Partners With Molpus Woodlands to Fuel Its BECCS Operations in the US South
Drax has entered into a partnership with Molpus Woodlands that will provide Drax with an option to purchase sustainably sourced woody biomass to fuel its BECCS operations in the US South.
Residential and Nonresidential Construction Employment Continues to Grow in January
Overall employment in the construction sector increased by 11,000 positions in January, NAHB analysis shows.
US Nonfarm Payroll Increases by 353,000 in January 2024; Unemployment Steady at 3.7%
Total US nonfarm payroll employment increased by 353,000 in January, similar to the revised gain of 333,000 in December. The unemployment rate held steady at 3.7%.
Brazilian Exports of Wood-Based Products Increase Year-Over-Year in December
In December, Brazilian exports of wood-based products (except pulp and paper) increased 2.0% year-over-year to US$270.8 million in value, the ITTO reported.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for January
The University of Michigan’s Index of Consumer Sentiment increased 13.3% month-over-month to a reading of 79.0 in January, up from 69.7 in December.
Princeton University Embraces Mass Timber in Six New Campus Projects
Princeton University is in the midst of its largest campus expansion since the early 1960’s, with six of 16 new projects using mass timber, The Princeton University Alumni Weekly reported.