The median US asking rent increased 2.2% year-over-year to $1,981 in February, the largest gain reported since January 2023, Redfin reported.
Wood Markets News
NFIB Small Business Optimism Index Continues to Trend Lower in February
The NFIB Small Business Optimism Index declined to a reading of 89.4, marking the 26th consecutive month below the 49-year average of 98.
Hoffmann Family of Companies Aquires Besse Forest Products Group
Hoffmann Family of Companies has acquired Besse Forest Products Group, a leading manufacturer of high-quality Northern hardwood veneer, lumber, and specialty plywood.
Irving Forest Products Acquires Mill Services Inc.’s Value-Added Facility in Cobleskill, NY
Irving Forest Products announced that it has acquired Mill Services, Inc’s value-added operation in Cobleskill, New York.
Finland’s UPM Prepares to Temporarily Adjust Production Levels
Finland’s UPM announced that UPM Pulp, UPM Timber, and UPM Communication Papers will start change negotiations on possible temporary layoffs.
Total Outstanding Acquisition, Development, and Construction Loans Decline in 2023Q4
The volume of 1–4-unit residential construction loans made by FDIC-insured institutions declined 2.5% in 2023Q4, the NAHB reported.
Godfrey Forest Products Announces New OSB Mill in Jay, Maine
Godfrey Forest Products has announced plans to build a new OSB plant in Jay, Maine, Panel World Magazine reported.
Oregon Board of Forestry Votes to Advance Western Oregon State Forests Habitat Conservation Plan
The Oregon Board of Forestry voted 4–3 to advance the Western Oregon State Forests Habitat Conservation Plan, The Oregon Capital Chronicle reported.
US Wood Pellet Exports Decline Month-Over-Month but Increase Year-Over-Year in January
The US exported 742,824.6 metric tons of wood pellets in January, down from 1.01 million metric tons in December, a Biomass Magazine review USDA data shows.
The Neutral Project Seeks Approval for 32-Story Mass Timber Tower in Milwaukee, WI
The Neutral Project is pursing zoning approval for its proposed 32-story tower in Milwaukee, Wisconsin, Urban Milwaukee reported.