The Bureau of Economic Analysis released Thursday its “second” estimate for Q1 real GDP. According to the report, GDP increased at an annual rate of 1.3%. This follows a reported increase of 2.6% in 2022Q4.
Wood Markets News
Fixed Mortgage Rates Climb Higher in the Week Ending May 25th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 25th. The 30-year fixed-rate mortgage averaged 6.57%, up from last week when it averaged 6.39%.
Western Washington University’s New Hall Targets Zero Carbon and Zero Energy Certification
According to Contruction Dive, Western Washington University and Minneapolis-based Mortenson Construction announced on Monday that ground was broken on the new $73.6 million Kaiser Borsari Hall on campus.
US Weekly Jobless Claims Increase in the Week Ending May 20th
The advance figure for seasonally adjusted initial unemployment claims was 229,000 during the week ending on May 20th. This is an increase of 4,000 from the previous week’s revised level of 225,000.
Georgia-Pacific Investing $18 Million at Camden, Texas, Plywood Mill
GP has announced that it is investing $18 million in upgrades that will modernize the facility and help increase efficiency. The capital improvements will focus on three different projects beginning with the plant’s dryer.
Cooler Temperatures and Rain Aid Wildfire Firefighters in Alberta
CBC News is reporting that more than one million hectares (over 2.4 million acres) of land in Alberta are now estimated to have burned in a record-breaking spring for wildfires. As of Tuesday afternoon, 74 wildfires were burning across Alberta.
Mortgage Applications Declined in the Week Ending May 19th
According to data from the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 4.6% on a seasonally adjusted basis from one week earlier.
Closure of Practiv Evergreen Paper Mill in Canton, NC, to Negatively Impact Area Forests
The recently announced closure of Practiv Evergreen’s Canton, North Carolina, paper mill is not only a major loss for its employees and the area’s economy, but the ripple effects also make it very difficult news for sustainable forestry in the region.
Multifamily Built-For-Rent Housing Starts Remained Elevated in Q1
That the count of multifamily, for-rent housing starts remained elevated in Q1. Of the 127,000 multifamily residences that started construction, 123,000 units were being built for rental use.
US Monthly New Home Sales Up Month-Over-Month and Year-Over-Year in April
New residential single-family home sales for April were at a SAAR of 683,000, according to estimates. This is 4.1% above the revised March rate of 656,000 and 11.8% above the April 2022 estimate of 611,000.