The US Bureau of Labor Statistics on Wednesday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in April on a seasonally adjusted basis. Over the past 12 months, the all-items index has increased 4.9% before seasonal adjustment.
Wood Markets News
10-Story Mass Timber Building Passes High-Magnitude Earthquake Test
A 10-story mass timber building successfully withstood a high-magnitude earthquake simulation at the University of California San Diego on Tuesday, according to ABC News. The structure is the world’s tallest full-scale building to be tested on an earthquake simulator.
Mortgage Applications Increase in the Week Ending May 5th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending May 5th, the Market Composite Index (a measure of mortgage loan application volume) increased 6.3% on a seasonally adjusted basis from one week earlier.
Aragon to Build North America’s Largest Residential Mass Timber Project
According to Woodworking Network, Aragon, the real estate development company, plans to build North America’s largest residential CLT project. The 77-unit residential Timber House will be built in New Westminster, BC, with Kalesnikoff, a Canadian CLT company, providing the materials.
NFIB’s Small Business Optimism Index Slips Lower in April
The National Federation of Independent Business reported its Small Business Optimism Index (SBOI) declined by 1.1 points to a reading of 89.0 in April. This marks the sixteenth consecutive month below the survey’s 49-year average of 98.
Mortgage Credit Availability Shrinks Again in April
According to the Mortgage Bankers Association, mortgage credit availability decreased in April. The MCAI fell by 0.9% to a reading of 99.6 in April. A decline in the MCAI indicates that lending standards are tightening.
BC Forest Practices Board Releases Its 2023–26 Strategic Plan
On Tuesday, the BC Forest Practices Board released its 2023–26 Strategic Plan, setting new priorities for advancing the public interest in forest and range practices in British Columbia.
India’s Century Plyboards Announces Extensive Non-Structural Panel Expansion
India’s Century Plyboards has announced that it is considering an investment of Rs 2,000 crore to expand its laminates, MDF, and particleboard capacities over the next three years, according to a report by “Construction Week India.”
Timber Tower in Budapest Provides 360-Degree Views of Nature Reserve
Robert Gutowski Architects has designed a winding Lookout Tower that serves as a sculptural beacon for hikers visiting the nature reserve of Budapest and Naplás Lake, according to a recent feature in Yanko Design magazine.
Commercial and Multifamily Borrowing Declines 56% in 2023Q1
The Mortgage Bankers Association (MBA) announced Tuesday the results of its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Organizations. Commercial and multifamily mortgage loan originations in 2023Q1 were 56% lower year-over-year and 42% below 2022Q4.