According to Penticton Western News, the Adams Lake Indian Band, a member of the Secwepemc (Shuswap) Nation, is moving ahead with a business venture to sustain forests while providing value-added manufacturing and long-term employment.
Wood Markets News
University of Maine Joins National Science Foundation-Backed Coalition for Forestry Research and Product Development in Northern New England
The University of Maine will use $1 million from the National Science Foundation to partner with research institutions and community organizations across Northern New England to devise new forest products and management strategies.
US Mortgage Delinquency Rate Drops in 2023Q1—Lowest Q1 Since 1979
The Mortgage Bankers Association released its Q1 National Delinquency Survey for mortgage loans on one-to-four-unit residential properties. The delinquency rate on such properties decreased to a seasonally adjusted rate of 3.56% of all outstanding loans at end of Q1.
US National Interagency Fire Center Wildfire Update for the Week Ending May 12th
The number of large new fires or emergency responses as of May 12th was 2. The number of active large fires (not including individual fires within complexes) stands at 5. Currently, there are 47,901 acres involved in active fires.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for May
The Index of Consumer Sentiment fell to a reading of 57.7 in May, down from a reading of 63.5 in April. This is a month-over-month decline of 9.1% and down 1.2% year-over-year.
Arbec’s Lumber Mill in Lac-Saint-Jean, Quebec, to Suspended Sawmilling Through End of May
According to Le Journal de Québec, Remabec, the parent company and owner of the Arbec lumber mill located in Lac-Saint-Jean, Quebec, announced last Friday that it was suspending sawmilling activities at the facility until the end of May.
Construction Input Prices Down for Second Consecutive Month in April, Associated Builders and Contractors Reports
According to Associated Builders and Contractors analysis of Producer Price Index (PPI) data released Thursday, construction input prices increased 0.2% month-over-month in April. Nonresidential construction input prices rose 0.4%.
Three Pacific Northwest Universities to Share $1 Million Federal Grant to Research Mass Timber Innovations
Oregon Public Radio reported that The University of Oregon is partnering with Oregon State University, Washington State University, and more than 25 other organizations and agencies to research innovations in mass timber in the region.
Fannie Mae’s Home Purchase Sentiment Index® Climbs Higher in April
Fannie Mae on Monday released its Home Purchase Sentiment Index® for April. The HPSI increased to its highest level since May 2022, climbing 5.5 points to a reading of 66.8. Year-over-year, the full HPSI is down 1.7 points.
Mortgage Rates Inch Lower
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 11th. The 30-year fixed-rate mortgage averaged 6.35%, down from last week when it averaged 6.39%. A year ago, the 30-year rate averaged 5.30%.