The Pensacola News Journal reported that West Fraser Timber Company is in the process of planning a multi-million-dollar expansion at its McDavid, Florida, sawmill. The expansion is reportedly worth in excess of $62 million.
Wood Markets News
EGGER Wood Products’ New Lexington, NC, Recycling Center Allows Manufacturing of Wood-Based Materials Using Recycled Wood and Biomass
EGGER Wood Products’ new recycling center in Lexington, North Carolina, is now fully operational and moving towards fulfilling its commitment to producing sustainable materials for interior design and furniture applications.
Following Solid Gains in April, Fannie Mae’s Home Purchasing Sentiment Index® Declines in May
Fannie Mae’s Home Purchase Sentiment Index® (HPSI) decreased by 1.2 points in May to a reading of 65.6, as affordability constraints continue to influence consumers’ perceptions of homebuying and home-selling conditions.
Massachusetts Governor Extends Logging Contract Pause in State Forests for Another Six Months
Massachusetts Governor Maura Healey’s administration announced Wednesday that it intends to continue a pause on new logging contracts in state forests for another six months, according to reporting by Vermont Public.
Mortgage Applications Declined in the Week Ending June 2nd—The Fourth Consecutive Drop
According to data from the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 1.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12.0%.
Canadian Building Permits Decline 18.8% Month-Over-Month in April
The total monthly value of building permits in Canada declined 18.8% to $9.6 billion (CAD) in April. This is the lowest level since December 2020. On a constant dollar basis (2012=100), the total value of building permits dropped 18.5%.
Transportation Prices Decline at Fastest Rate Ever Recorded in May
FreightWaves reported on Tuesday that according to data complied in the Logistics Managers’ Index (LMI), supply chain activity slid to an all-time low for the third consecutive month in May.
Canada on Track to Experience Worst-Ever Wildfire Season
According to Reuters, Canadian federal government officials are reporting that wildfires are burning in nearly all Canadian provinces and territories, and that weather modeling shows increasing wildfire risk in most of Canada through August.
US Department of Energy Launches New Initiative to Accelerate the Development of the Next Generation of Biomass Wood Heaters
The US Department of Energy’s Bioenergy Technologies Office announced it has launched a $4 million initiative that aims to accelerate wood heater innovation and support the development of the next generation of efficient and clean wood heaters, according to a report by Biomass Magazine.
Homes Sales Are Down as Market Rates Move Up and Home Prices Remain Elevated
During the 4-week period ending on May 28th, pending home sales fell 17% year-over-year, marking one of the largest declines since the start of the year.