Mercer International has received applicable Bankruptcy Court approval of a sales order approving the acquisition of substantially all of the assets for Structurlam Mass Timber Corporation and its subsidiaries for $81.1 million.
Wood Markets News
Mortgage Applications Declined in the Week Ending May 26th—The Third Consecutive Drop
According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.0%.
Construction Labor Market Heats Up in April
A closer look at Wednesday’s Job Openings and Labor Turnover Survey, with additional analysis provided by the NAHB, reveals that the construction labor market experienced an increase in job openings in April.
US House Prices Increased Month-Over-Month in March and During Q1, FHFA Reports
US house prices increased 4.3% between 2022Q1 and 2023Q1. House prices were up 0.5% when compared to 2022Q4. FHFA’s seasonally adjusted monthly index for March was up 0.6% month-over-month.
Job Openings and Labor Turnover Summary for April
As of the last business day in April, the number of job openings and rate increased to 10.1 million (up 358,000) and 6.1%, respectively. The number of hires was little changed at 6.1 million, and the hire rate held steady at 3.9%
Canadian GDP Climbed 0.8% in Q1
Real gross domestic product (GDP) climbed 0.8% higher in 2023Q1 after posting no change in 2022Q4. A combination of higher borrowing costs and slowing mortgage borrowing saw a 3.9% decline in housing investment in Q1.
US National Interagency Fire Center Wildfire Update for the Week Ending May 26th
As of last Friday, seven large wildfires have burned 46,369 acres in six states, with one large new wildfire reported in Oregon during the week. Year-to-date, 17,792 wildfires have burned 498,820 acres nationwide.
Paper Excellence Announces Temporary Shutdown of Crofton Pulp & Paper and Port Alberni Mill
The Times Colonist is reporting that Paper Excellence is shutting down its Crofton pulp and paper mill for at least 30 days and its Port Alberni mill for a minimum of two weeks.
Brinkman Forest Products to Temporarily Close Pleasant Valley Remanufacturing
According to Houston Today, Pleasant Valley Remanufacturing is halting operations following Canfor’s closure of its Houston Sawmill facility earlier this spring. Pleasant Valley does not have timber of its own and relies on larger primary producers, such as Canfor.
Acquisition, Development, and Construction Financing Costs Climbed Higher in Q1
According to the recently released National Association of Home Builders (NAHB) quarterly Survey on Acquisition, Development, and Construction (AD&C) Financing, while mortgage rates were stabilizing during 2023Q1, rates on AD&C continued to climb higher.