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.
Wood Markets News
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.
New US Single-Family Home Sizes Are Starting to Shrink
As interest rates increased in 2022 and 2023 and housing affordability deteriorated, the demand for home size has trended lower. In Q1, the median single-family square floor areas registered at 2,261 square feet.
Australia’s State of Victoria Announces End to Native Logging by The End of 2023
Australia’s State of Victoria has announced that native logging in Victorian forests will end sooner than originally planned, according to Sky News. The original plan—announced in 2019—would phase out logging in 2030; however, the new timeline will end native logging by the end of 2023.
Canadian Industrial Product Price Index Falls in April; Raw Materials Price Index Increases
Statistics Canada reported that prices for products manufactured in Canada, as measured by the Industrial Product Price Index, declined 0.2% month-over-month in April and were 3.5% lower than April 2022.
Asia’s Largest Mass Timber Building Completed in Singapore
Singapore’s Nanyang Business School recently announced that work has finished on Toyo Ito & Associates’ “Gaia” project, according to the Global Construction Review. The zero-energy building is billed as Asia’s largest mass timber building.
Saskatchewan Investing in Preservation and Maintenance of Northern Roads That Support the Forest Industry
Saskatchewan announced a $6 million (CAD) investment in the preservation and maintenance of northern roads that support the Saskatchewan forest industry. This one-time investment will fund gravel work and brush clearing on several northern roads.
Chinese Custom Officials Report Imported Logs Declined in Volume and Value in Q1
China’s log imports in Q1 totaled 9.27 million cubic meters, valued at $1,606 billion (USD), which is down 7% in volume and 18% in value when compared to 2022Q1. The average price for imported logs was US $173 (CIF) per cubic meter, down 12% from the same period last year.