The University of Michigan on Friday released the final results of its Consumer Sentiment Index for April. The Index of Consumer Sentiment increased to a reading of 63.5 in April, a month-over-month increase of 2.4%.
Wood Markets News
US Pending Homes Sales Declined in 3 Out of 4 Regions in March
The National Association of Realtors® reported its Pending Homes Sales Index (PHSI) declined 5.2% from February to March to a reading of 78.9. Year-over-year, contract signing declined 23.2%. An index of 100 is equal to the level of contract activity in 2001.
Metsä Wood to Provide LVL Products to Swedish Wood Turbine Tower Builder Modvion
Metsä Wood announced Monday it has agreed to supply Modvion, a Swedish wood technology company, with laminated veneer lumber (LVL) for Modvion’s wooden wind turbine towers.
Latvijas Finieris Signs Contract With Raute for Technology to Expand Its Vermes, Latvia, Plywood Mill
Raute Corporation has announced that it signed a contract with AS Latvijas Finieris, a leading producer of birch plywood in Europe and Baltic countries, to deliver technology for the expansion of Latvijas Finieris’ Vermes, Latvia, plywood mill.
Real GDP in 2023Q1 Increased at an Annual Rate of 1.1%, BEA Reports in Its “Advance” Estimate
The Bureau of Economic Analysis released Thursday its “advance” estimate for Q1 real GDP. According to the report, GDP increased at an annual rate of 1.1%. This follows a reported real GDP increase of 2.6% in 2022Q4.
30-Year Mortgage Rate Creeps Higher; 15-Year Rate Inches Lower
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 27th. The 30-year fixed-rate mortgage averaged 6.43%, up from last week when it averaged 6.39%. A year ago at this time, the 30-year rate averaged 5.10%.
US Weekly Jobless Claims Decrease for the Week Ending April 22nd
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 230,000 during the week ending on Saturday, April 22nd. This is a decrease of 16,000 from the previous week’s revised level of 246,000.
Metrie Acquires Anderco, Continuing to Grow its Solid Wood and MDF Manufacturing and Distribution Business
Woodworking Network reported on Tuesday that Metrie Inc. has entered into a definitive agreement to acquire certain assets of Anderco Inc., a Fullerton, California-based manufacturer and distributor doors and door frames.
Canfor’s Senior VP of Canadian Operations Discusses Houston Mill Closure and the Site’s Future
In an interview with Houston Today, Canfor’s senior vice president of Canadian operations said that Canfor would not be making a crucial decision on whether or not to replace its closed Houston sawmill until the end of July.
Nova Scotia’s Forestry Innovation Transition Trust Announces Funding for Two New Projects
Trustees of the Forestry Innovation Transition Trust (FITT) announced two more projects, totaling more than $2.5 million (CAD), have been approved. “The projects, together with previously funded projects, are helping to strengthen the sector and ensure it’s sustainable for the long term.”