On Sunday, Kenya’s Forestry Permanent Secretary Kimotho Kimani announced that the ban on logging forests, imposed six years ago, will be lifted in July, according to The Star newspaper in Nairobi, Kenya. Kimani said the move will allow licensed sawmillers to resume harvesting mature trees from both public and private forests.
Wood Markets News
US National Interagency Fire Center Wildfire Update for the Week Ending April 14th
The US National Interagency Fire Center is reporting that as of Friday, 30 large new fires were reported. Wildland firefighters and support personnel are working towards containment goals on 20 large fires in nine states, with the most activity being reported in Oklahoma.
Roseburg Forest Products Announces $700 Million Investment to Expand and Upgrade Its Operations in Oregon
Roseburg Forest Products announced on Friday that it plans to invest $700 million over the next four years to upgrade and expand its manufacturing operations in Oregon. The investment includes the creation of two new, state-of-the-art manufacturing plants and upgrades at existing facilities.
Remodeler Sentiment Inches Higher in Q1
The National Association of Builders/Westlake Royal Remodeling Market Index (RMI) for Q1 was released on Thursday. According to the report, the RMI for Q1 edged 1 point higher from 2022Q4 to a reading of 70.
Mercer Holz Launches Program to Support German Forest Owners
Mercer recently announced the launch of its program “Growing forests – Growing a future” to support forest owners in Germany. Mercer Holz, the wood purchasing organization of Mercer, is committed to partner with forest owners in Germany to sustain the longevity of their forests.
Canadian Pacific Railway and Kansas City Southern Railroad Formally Complete Their Combination
The Canadian Pacific Railway and the Kansas City Southern Railroad formally completed their combination on Friday. This follows formal approval from the US Surface Transportation board a month ago. The new railroad will go by “CPKC.”
US Rents Post First Year-Over-Year Decline Since March 2020
Redfin reported on Friday that the median US asking rent fell 0.4% year-over-year in March to $1,937. This is the first annual decline in asking rents since March 2020 and the lowest median asking rent in 13 months. As a comparison, rents were up 17.5% one year earlier in March 2022.
Existing Canadian Home Sales Continued to Rise in March—Market Remains Tight
The Canadian Real Estate Association reported on Friday that home sales recorded over the Canadian MLS® Systems posted a 1.4% increase from February to March. The small increase built on an increase of the same size in February, marking the first back-to-back monthly gains in over a year.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for April
The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for April. The Index of Consumer Sentiment increased to 63.5 in April, up from 62.0 in March. This is a month-over-month increase of 2.4%.
Residential Building Materials Prices Climbed in March
A closer look into the Bureau of Labor Statistics March Producer Price Index (PPI) reveals that the price of building materials used in residential construction rose 0.3% in March (not seasonally adjusted). After declining in the last four months of 2022, the index has increased three months in a row.