According to Daily Hive, a new mixed-use, mid-rise building project located on the Sunshine Coast of British Columbia will soon be home to North America’s first underground mass timber structure for vehicle parking.
Wood Markets News
US National Interagency Fire Center Wildfire Update for the Week Ending June 9th
As of Friday, June 9th, five large wildfires have burned 52,323 acres in six states. One large new wildfire was reported in Idaho during the week. Nationally, since January 1st, 19,693 wildfires have burned 620,986 acres.
US Monthly Median Asking Rents Decline Year-Over-Year in May
Redfin reported that US median asking rents fell 0.6% year-over-year to $1,995 in May, the largest annual decline since March 2020. That compares to a near-record increase of 16.5% a year ago.
US Wood Pellet Exports Decline Month-Over-Month in April, but Remain Up Year-Over-Year
The US exported 720,209.2 metric tons of wood pellets in April. This is down from 909,781.1 metric tons in March but up from 659,071.0 metric tons in April 2022. The UK was the top destination.
US Foreclosures Up 7% Month-Over-Month and 14% Year-Over-Year in May
ATTOM released on Thursday its May US Foreclosure Market Report. The report shows 35,196 properties with foreclosure filings—default notices, scheduled auctions, or bank repossessions—in May. That is up 7% month-over-month.
US Consumer Credit Outstanding Grew in April, Latest G.19 Consumer Credit Report Shows
Consumer credit outstanding grew at a seasonally adjusted annual rate of 5.7% in April. Revolving and nonrevolving credit grew at a seasonally adjusted annual rate of 13.1% and 3.2%, respectively.
Citing Threat of Inflation, Bank of Canada Raises Its Benchmark Interest Rate to 4.75%
The Bank of Canada on Wednesday announced it was raising its benchmark interest rate to 4.75%, CBC reported. It is the first time that Canada’s central bank has raised its trend-setting interest rate since January.
Canada’s Employment Rate Declines Modestly in May; Unemployment Rate Rises to 5.2%
Overall employment in Canada was down slightly in May, declining by 17,000, or 0.1%. The report noted that employment growth has moderated in recent months, and monthly increases have averaged 33,000 from February to April.
Huber Engineered Woods Announces Plan to Build New OSB Facility in Noxubee County, Mississippi
Huber Engineered Woods LLC (HEW), a subsidiary of J.M. Huber Corporation, announced on Wednesday that it plans to build a new oriented strand board (OSB) facility in the town of Shuqualak, Noxubee County, Mississippi.
Canadian National Railway Discusses Scheduling Adjustments Due to Wildfires Across Canada
FreightWaves reported Thursday that the Canadian National Railway (CN) is keeping a close eye on wildfires occurring across several provinces and it is in the process of adjusting operations as needed.