On Monday, the US Census Bureau reported that total construction spending during March was estimated at a seasonally adjusted annual rate (SAAR) of $1,834.7 billion, 0.3% above the revised February estimate of $1,829.6 billion. The March figure is 3.8% above the March 2022 estimate of $1,768.2 billion.
Wood Markets News
Province of New Brunswick Proposes Reductions in Timber Royalty Fees
Seven months after raising royalty rates on timber harvested in provincially owned forests, the New Brunswick provincial government is proposing up to $50 million in reductions, according to CBC News. Some rates will fall all the way back to where they were a decade ago.
Home Improvements Spending Predicted to Shrink by 2024
According to the Joint Center for Housing Studies of Harvard University, annual spending on improvements and repairs to owner-occupied homes is expected to decline by early 2024. The LIRA projects that year-over-year expenditures for homeowner improvements and maintenance will post a modest 2.8% decline through 2024Q1.
UPM Plywood Announces Plan to Restructure its Organization and Scale its Operations
UPM Plywood on Thursday announced plans to restructure its organization and scale its operations to meet the reduced production capacity and the deteriorating market situation. The company says the cuts are the result of reduced demand for spruce plywood and veneer due to slowing construction activity.
Architectural Firm Nikken Sekkei Uses Mass Timber to Expand Educational Facility
Nikken Sekkei, a Toyko-based architectural firm, is working on the expansion and construction of Ichikawa City’s Showa Gaukuin Elementary School’s West Wing, according to reporting by “designboom.” The project will utilize two-way CLT flat slabs.
Brazilian Exports of Wood-Based Products Declined in March
According to the International Tropical Timber Organization (ITTO), Brazilian exports of wood-based products (except pulp and paper) in March declined 19.0% year-over-year in value, from US$423.2 million in March 2022 to US$341.9 million in March 2023.
US National Interagency Fire Center Wildfire Update for the Week Ending April 28th
The US National Interagency Fire Center is reporting that as of last Friday, nineteen large new fires were reported. Wildland firefighters and support personnel are working towards containment goals on 13 large fires that have burned 45,376 acres in 8 states.
Arbec Forest Products Acquires Forex’s Amos, Quebec, OSB Mill
Arbec Forest Products announced on Friday the acquisition of the Forex OSB mill located in Amos, Quebec. In doing so, Arbec now manufactures approximately 5% of the OSB production in North America.
Greystar Real Estate Partners Opens New Modular Facility in Western PA to Manufacture Apartments
Greystar Real Estate Partners recently announced the opening of its flagship manufacturing facility for its modular construction business, Modern Living Solutions (“MLS”), which focuses on attainable and sustainable housing.
New Listings of US Homes For Sale Decline 22.4% Year-Over-Year
Redfin reported on Friday that in the four-week period ending on April 23rd, new listings of homes for sale fell 22.4% nationwide from a year earlier. This is one of the largest declines since the start of the pandemic.