Metsä Group announced that it has decided to invest approximately EUR 300 million to construct a new Kerto® LVL mill in Äänekoski, Finland, to produce beams and panel products used in the construction industry.
Wood Markets News
Maine’s Knickerbocker Group to Build Modular Homes to Help State With Housing Crisis
According to News Center Maine, Maine’s Knickerbocker Group, best known for custom building multi-million-dollar coastal homes, has begun a new venture—building small modular homes, called prefab pods. The company aims to help Maine meet its ongoing housing crisis.
Producer Price Index for Final Demand Declined in May; Up 1.1% Year-Over-Year
The Producer Price Index (PPI) for final demand, seasonally adjusted, declined 0.3% in May, after increasing 0.2% April and after declining 0.4% March. On an unadjusted basis, the index for final demand advanced 1.1% year-over-year.
Mortgage Applications Increase in the Week Ending June 9th
According to the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the week ending June 9th, the Market Composite Index—a measure of mortgage loan application volume—rose 7.2% on a seasonally adjusted basis from one week earlier.
Western Forest Products Announces Temporary Production Curtailments at Certain BC Sawmills
Western Forest Products announced on Monday that it plans to temporarily reduce its lumber production over the next month by approximately 19 million board feet due to weak market conditions.
Lack of Available Homes and Eager Buyers Continued to Push Home Prices Higher in May
Zillow® on Monday released its market report for May. According to the report, typical US home values increased by 1.4% from April to May, the strongest monthly price growth since June 2022. The typical home value is $346,856—up 0.9% year-over-year.
Oregon State University Awarded $1 Million Grant to Study How Mass Timber Reacts to Fire
FOX 26 KMVU reported that Oregon State University, located in Corvallis, Oregon, has been tasked with determining how mass timber reacts to fire. The project comes with a $1 million grant.
Mortgage Credit Availability Declined in May
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in May. The MCAI fell by 3.1% to a reading of 96.5.
Consumer Price Index Increases 0.1% in May; All-Item Index Up 4.0% Year-Over-Year
The Consumer Price Index for All Urban Consumers increased 0.1% in May on a seasonally adjusted basis, after increasing 0.4 in April and 0.1% in March. Over the past 12 months, the all-item index has increased 4.0% before seasonal adjustment.
NFIB’s Small Business Optimism Index Increased 0.4 Points in May—Remains Below 49-Year Average
The National Federation of Independent Business reported on Tuesday its NFIB Small Business Optimism Index (SBOI) for May increased 0.4 points to a reading of 89.4. This marks the seventeenth consecutive month that the SBOI has been below the 49-year average reading of 98.