Finland’s Keitele Group is reporting that the “temporary slowing” in the demand for lumber and wood products—which started in June of 2022—continues with no immediate relief in sight. Keitele cites the war in Ukraine, rising interest rates, expensive energy, and the overall global economic situation.
Wood Markets News
Fannie Mae’s Home Purchasing Sentiment Index Increases for January
Fannie Mae reported Tuesday the results of its latest Home Purchase Sentiment Index® (HPSI). In January, the HPSI increased for the third consecutive month, rising 0.6 points to a reading of 61.6. Three of the indexes’ components posted month-over-month increases.
Chile’s Forest Fire Season Second Worst in Recent History
With hot and dry weather conditions expected to continue through the week, Chilean firefighters are battling out-of-control forest fires. The current forest fires already have the distinction of being the deadliest in the country’s recent history and have the potential of becoming even more deadly, according to a report by Reuters.
Aging US Owner-Occupied Houses Could Propel Repair and Remodeling Demand Ahead of New Construction
According to the latest data provided by the US Census Bureau’s American Community Survey for 2021, with additional analysis provided by the National Association of Home Builders, the median age of owner-occupied homes in the US is 40 years. A little less than half of the owner-occupied homes were built prior to 1980.
Aspen Planer Mill in BC Resumes Operations Processing Cedar Logs, but Cutting Permit Issues Remain Unresolved
Representatives of AP Group, the parent company of the Aspen Planer Mill located in Merrit, BC, told the Merritt Herald on Friday that the mill was restarted on Wednesday, February 1st. The facility has been closed since early December (for an undetermined amount of time) due to a lack of approved cutting permits.
US Forest Service Accepting Applications for Wood Innovations Projects
The US Department of Agriculture’s Forest Service has announced that it has begun accepting applications for the Wood Innovations Grant and Community Wood Grant programs. Totaling $41 million, the grant programs are intended to spark innovations and create new markets for wood products and renewable energy.
Denver Prepares for the Construction of “Return to Form,” Winner of the 2022 Mass Timber Competition
Colorado-based architecture firm Tres Birds has confirmed that construction on the city’s tallest mass timber building will commence in July 2023, according to the Construction Specifier magazine. The project was one of six winners in the Softwood Lumber Board (SLB) and USDA Forest Service 2022 Mass Timber Competition: Building to Net-zero.
Stimson Lumber Company Announces Curtailments at Two Oregon Mills
Rising costs and weak market conditions have forced Stimson Lumber Company to curtail operations at its Clatskanie and Forest Grove, Oregon, mills. The company cited rising costs in many areas as weighing heavily on the ability to maintain an effective, safe, and healthy production environment.
As Mortgage Rates Dip, Home Affordability Increases
Redfin reported on Thursday that for the first time in the past four months, a homebuyer on a $2,500 monthly budget can afford a $400,000 home. This is a result of the average daily mortgage rate declining to 5.99%, the first sub-6% average since mid-September, according to Mortgage News Daily.
Report Highlights the Benefits of Building Schools Out of Wood
A recent report, “Wood Use in British Columbia Schools,” authored by BC-based architecture firm thinkspace and structural engineering firm Fast + Epp finds that BC schools have increasingly featured a more innovative, eco-friendly, and flexible designs.