Statistics Canada reported today that investment in building construction decreased 1.3% to $20.2 billion (CAD) in December. On a constant dollar basis (2012-100), investment in building construction decreased 2.0% to $11.6 billion.
Wood Markets News
Lumin to Invest $136 Million to Build Its Third Industrial Plant in Uruguay
Lumin, a leading timberland and forest products company, announced on Friday that it will be investing approximately $136 million (USD) to build its third industrial plant in Uruguay. The investment is expected to create more than 300 jobs and appreciably increase the country’s sustainable plywood production.
Q4 Survey of Commercial/Multifamily Mortgage Originations Paints Gloomy Picture for Sector
The Mortgage Bankers Association released today its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The survey reports that commercial and multifamily mortgage originations were 54% lower in 2022Q4 compared to a year ago and were 23% lower from 2021Q3.
US Construction Worker Shortage to Top Half a Million in 2023
On Thursday, the Associated Builders and Contractors reported that, according to the association’s proprietary model, the construction industry will need to attract an estimated 546,000 workers on top of the normal pace of hiring in 2023 to meet the demand for labor.
Loan Standards Tighten and Loan Demand Declines in Q4
The Federal Reserve Board’s January 2023 Senior Loan Office Opinion Survey reveals that over 2022Q4, banks reported weaker demand for residential real estate (RRE) loans, home equity lines of credit (HELOCs), and commercial real estate (CRE) loans.
Astara Capital Partners Celebrates Opening of its Camden Timbers Sawmill in Arkansas
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.
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.