The Bank of Canada on Wednesday announced it was raising its benchmark interest rate to 4.75%, CBC reported. It is the first time that Canada’s central bank has raised its trend-setting interest rate since January.
Wood Markets News
Canada’s Employment Rate Declines Modestly in May; Unemployment Rate Rises to 5.2%
Overall employment in Canada was down slightly in May, declining by 17,000, or 0.1%. The report noted that employment growth has moderated in recent months, and monthly increases have averaged 33,000 from February to April.
Huber Engineered Woods Announces Plan to Build New OSB Facility in Noxubee County, Mississippi
Huber Engineered Woods LLC (HEW), a subsidiary of J.M. Huber Corporation, announced on Wednesday that it plans to build a new oriented strand board (OSB) facility in the town of Shuqualak, Noxubee County, Mississippi.
Canadian National Railway Discusses Scheduling Adjustments Due to Wildfires Across Canada
FreightWaves reported Thursday that the Canadian National Railway (CN) is keeping a close eye on wildfires occurring across several provinces and it is in the process of adjusting operations as needed.
US Housing Affordability Improved in Q1 but Still Trails Year-Over-Year Levels
According to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index, substantial nominal wage gains (unadjusted for inflation) coupled with lower mortgage rates and home prices helped to boost housing affordability in 2023Q1.
New Zealand Government to Invest in a More Sustainable, Lower Impact Forestry Industry
New Zealand’s Forestry Minister Penni Henare announced that the government is making a start on a more sustainable forestry industry with investments into a bioenergy plant, research into biomass, and better forestry practices.
Fixed Mortgage Rates Inch Lower in the Week Ending June 8th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending June 8th. The 30-year fixed-rate mortgage averaged 6.71%, down from last week when it averaged 6.79%.
US Weekly Jobless Claims Increase in the Week Ending June 3rd
The advance figure for seasonally adjusted initial unemployment claims was 261,000 during the week ending on Saturday, June 3rd. This is an increase of 28,000 from the previous week’s revised level of 233,000.
West Fraser Looking to Expand Its McDavid, Florida, Sawmill Facility
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.
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.