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.
Wood Markets News
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.”
Buyer Preference for Newly Constructed Homes Changed Little From 2022Q4 to 2023Q1
According to results released by the National Association of Home Builders Housing Trends Report, prospective buyers’ interest for new home construction was essentially unchanged between 2022Q4 and 2023Q1. The share of potential buyers looking to buy a newly built home inched up from 20% to 21%.
Mortgage Applications Increase in the Week Ending April 21st
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 21st, the Market Composite Index increased 3.7% on a seasonally adjusted basis from one week earlier.
Kronospan Announces Construction of a New, State-of-the-Art OSB Mill in Oxford, Alabama
Kronospan announced Tuesday that it will begin construction of a new, state-of-the-art oriented strand board (OSB) manufacturing plant to be located on its 460-acre site in Oxford, Alabama.
Entekra to Be Closed and Dissolved by End of June
Entekra announced on April 17th that it is being dissolved, according to a report by The Modesto Bee. Consequently, 138 workers will be losing their jobs.