Western Forest Products announced on Monday that it plans to temporarily reduce its lumber production over the next month by approximately 19 million board feet due to weak market conditions.
Wood Markets News
Lack of Available Homes and Eager Buyers Continued to Push Home Prices Higher in May
Zillow® on Monday released its market report for May. According to the report, typical US home values increased by 1.4% from April to May, the strongest monthly price growth since June 2022. The typical home value is $346,856—up 0.9% year-over-year.
Oregon State University Awarded $1 Million Grant to Study How Mass Timber Reacts to Fire
FOX 26 KMVU reported that Oregon State University, located in Corvallis, Oregon, has been tasked with determining how mass timber reacts to fire. The project comes with a $1 million grant.
Mortgage Credit Availability Declined in May
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in May. The MCAI fell by 3.1% to a reading of 96.5.
Consumer Price Index Increases 0.1% in May; All-Item Index Up 4.0% Year-Over-Year
The Consumer Price Index for All Urban Consumers increased 0.1% in May on a seasonally adjusted basis, after increasing 0.4 in April and 0.1% in March. Over the past 12 months, the all-item index has increased 4.0% before seasonal adjustment.
NFIB’s Small Business Optimism Index Increased 0.4 Points in May—Remains Below 49-Year Average
The National Federation of Independent Business reported on Tuesday its NFIB Small Business Optimism Index (SBOI) for May increased 0.4 points to a reading of 89.4. This marks the seventeenth consecutive month that the SBOI has been below the 49-year average reading of 98.
Resolute Forest Products Temporarily Closes Four Quebec Sawmills Due to Nearby Wildfires
Resolute Forest Products Inc. has temporarily shut down four Quebec sawmills due to nearby fires and related log shortages, Reuters reported (6-12-23). Resolute has also paused harvesting activities in areas near the wildfires.
USDA to Invest $43 Million to Further Expand the Innovative Use of Wood for Construction and Energy
The US Department of Agriculture is investing more than $43 million to expand innovative uses of wood, including as a construction material in commercial buildings, as an energy source, and in manufacturing for wood products.
US Department of Commerce to Issue Its Final Conclusion on Anti-dumping Tax Evasion on Panels Imported From Vietnam in July
The US Department of Commerce (DoC) has announced that it will extend the deadline for issuing its final conclusion on anti-dumping tax evasion investigation into plywood imported from Vietnam—the eighth extension.
BC to Be Home to North America’s First Mass Timber Single-Level Underground Parking Garage
According to Daily Hive, a new mixed-use, mid-rise building project located on the Sunshine Coast of British Columbia will soon be home to North America’s first underground mass timber structure for vehicle parking.