Oregon is short approximately 110,000 housing units and needs to build more than a half-million additional homes over the next 20 years to keep up with demand. Some believe the answer could be a protype of an affordable housing unit made from mass timber.
Wood Markets News
Outlook for Housing Affordability Turns Sharply Negative in 2022Q4
According to the latest results from the National Association of Home Builders Housing Trends Report, home buyers’ outlook for housing affordability turned sharply negative in 2022Q4. A record high of 87% of prospective buyers reported being able to afford less than 50% of the homes for sale in their markets.
US Commerce Department Publishes Preliminary Results of Antidumping and Countervailing Duty Administrative Reviews
On Friday, January 27, 2023, the US Department of Commerce published in the Federal Register two notices concerning “Certain Softwood Lumber Products From Canada.”
British Columbia Government Transfers Waterfront and Prime Forestry Land Back to Lake Babine Nation
The BC government and the Lake Babine Nation announced on Friday that they are taking the next step in the signing of a land transfer agreement. The agreement will enable the Nation to regain control of 20,000 hectares of waterfront and prime forestry land within their territory.
Pending Homes Sales Increase in December, Ending Six Consecutive Monthly Declines
The National Association of Realtors® reported on Friday that its Pending Homes Sales Index (PHSI) increased 2.5% month-over-month in December to a reading of 76.9. This marks the first increase in the PHSI since May 2022. Year-over-year contract signings declined 33.8%.
Mortgage Payments Decline Further in December
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved in December. The national median payment applied for by applicants dropped 2.9% to $1,920 from $1,977 in November.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for January
The University of Michigan on Friday released the final results of its Consumer Sentiment Index (CSI) for January. The Index of Consumer Sentiment rose to a reading of 64.9 in January, up from its reading of 59.7 in December. This is a month-over-month increase of 8.7%.
Personal and Disposable Income Up, but Personal Consumption Expenditures Down in December
The US Bureau of Economic Analysis reported on Friday that according to their estimates, personal income (PI) increased $49.5 billion, or 0.2%, in December. Disposable personal income (DPI) increased $49.2 billion, or 0.3%, and personal consumption expenditures (PCE) decreased $41.6 billion, or 0.2%.
Western Forest Products Says it Will Not Restart Alberni-Pacific Division in BC
Western Forest Products announced that it will not restart its Alberni-Pacific Division facility in its current configuration. The company has established a multi-party working group to explore potential viable industrial manufacturing solutions for the facility, which has been curtailed since fall 2022.
Canfor Announces Restructuring of Its BC Lumber Operations to Better Align With Long-Term Timber Supply
Canfor announced on Wednesday that it is restructuring its BC operations to better align manufacturing capacity in the province with available long-term timber fiber supply. As a result, Canfor said it was permanently closing its Chetwynd sawmill and pellet plant.