Real gross domestic product (GDP) climbed 0.8% higher in 2023Q1 after posting no change in 2022Q4. A combination of higher borrowing costs and slowing mortgage borrowing saw a 3.9% decline in housing investment in Q1.
Wood Markets News
US National Interagency Fire Center Wildfire Update for the Week Ending May 26th
As of last Friday, seven large wildfires have burned 46,369 acres in six states, with one large new wildfire reported in Oregon during the week. Year-to-date, 17,792 wildfires have burned 498,820 acres nationwide.
Paper Excellence Announces Temporary Shutdown of Crofton Pulp & Paper and Port Alberni Mill
The Times Colonist is reporting that Paper Excellence is shutting down its Crofton pulp and paper mill for at least 30 days and its Port Alberni mill for a minimum of two weeks.
Brinkman Forest Products to Temporarily Close Pleasant Valley Remanufacturing
According to Houston Today, Pleasant Valley Remanufacturing is halting operations following Canfor’s closure of its Houston Sawmill facility earlier this spring. Pleasant Valley does not have timber of its own and relies on larger primary producers, such as Canfor.
Acquisition, Development, and Construction Financing Costs Climbed Higher in Q1
According to the recently released National Association of Home Builders (NAHB) quarterly Survey on Acquisition, Development, and Construction (AD&C) Financing, while mortgage rates were stabilizing during 2023Q1, rates on AD&C continued to climb higher.
S&P CoreLogic Case-Shiller US Home Price Index Posts Annual Gain in March
The S&P CoreLogic Case-Shiller US National Home Price NSA Index experienced a 0.7% annual gain in March, down from a 2.1% gain in February and a 3.7% gain in January. The 10-City Composite posted a 0.8% decline.
The Conference Board’s Consumer Confidence Index Declines in May
The Conference Board CCI Index declined in May to a reading of 102.3 (1985=100), down from an upwardly revised April reading of 103.7. The Present Situation Index decreased to a reading of 148.6, down from April’s reading of 151.8.
Russian Timber Exports Continued to Decline in Q1 2023
Foreign sales of Russian timber have continued to decline in the first quarter of 2023, dropping by over 20 percent […]
Out of Control Wildfire Northwest of Halifax Nova Scotia has Caused the Evacuation of Thousands of Residents
The Canadian Broadcasting Company (CBC) reported on Monday (5-29-23), that a wildfire is still burning out of control northwest of […]
Ontario Announces Creation of the Forest Biomass Program
With a goal of strengthening the economy and promoting innovation in the forest sector, the Ontario Provincial Government announced on […]