Astara Capital Partners, an integrated team of investors and operators investing in the middle market, celebrated on Friday (2-10-23) the opening of its Camden Timbers sawmill. Originally announced in May 2022, the mill is located at the former Victory Lumber LLC site.
Wood Markets News
US Housing Affordability Sets New Record Low in Q4
According to the recent National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index, just 38.1% of new and existing home sold between October and the end of December 2022 were affordable to families earning the US median income of $90,000.
US Median Rents Rise 2.4% in January, the Slowest Pace Since May 2021
Redfin reported on Friday that the US median asking rent rose 2.4% year-over-year to $1,942 in January. This marks the smallest increase since May 2021 and the lowest level in nearly a year. The 2.4% increase in roughly one-sixth the pace of January 2022.
Another Mass Timber Apartment Tower Planned for Milwaukee, Wisconsin
Milwaukee, Wisconsin, is already the home of the world’s tallest mass timber structure. According to the Milwaukee Journal Sentinel, the Ascent could soon be joined by another equally tall, or perhaps taller, mass timber building in downtown Milwaukee.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for February
The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for February. The Index of Consumer Sentiment rose to a reading of 66.4, up from 64.9 in January. This is a month-over-month increase of 2.3% and up 5.7% year-over-year.
Canadian Employment Increases in January; Unemployment Holds Steady at 5.0%
Statistics Canada reported that in January employment increased by 150,000, or 0.8%. Of that number, 121,000 were full-time positions. The increase in total employment continues a trend that began in September, with cumulative gains for the period totaling 326,000.
Huber Engineered Woods Cancels Plans to Build a New OSB Mill in Cohasset, Minnesota
Huber Engineered Woods LLC (HEW), a subsidiary of J.M. Huber Corporation, announced Thursday that due to delays, it will no longer develop its new oriented strand board (OSB) facility in Cohasset, Minnesota, as originally intended and announced in June 2021.
Fire Damages R-Y Timber’s Livingston, Montana, Sawmill—Production Halted
A second major fire within a year broke out at R-Y Timber’s Livingston, Montana, location early on Tuesday morning, according to the Livingston Enterprise. The fire has caused major damage to the sawmill facility.
Mortgage Credit Availability Shrinks in January
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 January. This marks the tenth drop in the past eleven months.
Fixed Mortgage Rates Inch Higher
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 9, 2023. According to the survey, the 30-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 6.09%.