According to Dry Cargo International, the Port of Riga, a major port on the east coast of the Baltic Sea in the capital of Latvia, reported forestry and timber industry cargo were the largest cargo group transshipped through the port in 2022.
Wood Markets News
Nonrevolving Debt Increased in February, The Fed Reports
According to the Federal Reserve’s latest G.19 Consumer Credit report released on Friday, total US consumer credit outstanding totaled $4.78 trillion in February, a decrease of $12 billion over the month but $300 billion higher than February 2022.
Prineville, Oregon, Receives $1 Million US Forest Service Grant to Further Develop a Renewable Energy Biomass Plant to Reduce Wildfire Risk
Oregon’s KTVZ, Channel 21 is reporting that the City of Prineville has just received a $1 million boost from the US Forest service for its plans with Crook County to build a 25-megawatt renewable energy biomass plant that officials say will speed and expand forest restoration projects while reducing wildfire risk.
Osoyoos Indian Band and Vaagen Fibre Canada Working Together to Restore BC Areas Devastated by 2021 NK’Mip Creek Wildfire
The Nk’Mip Creek wildfire of 2021 will not soon be forgotten by British Columbia residents in the area. However, it has yielded a unique partnership between the Osoyoos Indian Band (OIB) and Vaagen Fibre Canada, a forestry company, according to local reporting by the Times Chronicle.
Consumer Confidence in the Housing Market Remains Close to Historic Lows
Fannie Mae on Friday reported the results of its Home Purchase Sentiment Index® (HPSI) for March. The HPSI increased 3.3 points in March to a reading of 61.3, but it still remains only slightly above its all-time low set late in late 2022.
Mass Timber Structure to be Tallest Full-Scale Building Tested on San Diego Earthquake Simulator
Known as the Tallwood project, it calls for the construction of the tallest full-scale building—a 10-story structure made of cross-laminated timber—to be built and tested on the University of California San Diego earthquake simulator, or shake table.
The Lack of Existing Homes For Sale is Creating Hot Markets in Areas of the US
Redfin reported that, although elevated mortgage rates continue to diminish homebuying demand, low inventory in some parts of the US means homes are selling fast. New listings fell 21.8% from a year earlier during the four-week period ending April 2nd.
US Wood Pellet Exports Down Month-Over-Month but Up Year-Over-Year in February
According to data released by US Department of Agriculture’s (USDA) Foreign Agricultural Service and reporting by Biomass Magazine, the US exported 632,043.8 metric tons of wood pellets in February. This is down from 637,518.4 metric tons in January.
Concord, New Hampshire, Municipal Airport Prepares for New Mass Timber Corporate Hangar
Concord, New Hampshire’s municipal airport is expanding with a new corporate hangar at the airport, according to reporting by the Concord Monitor. The new hangar is going to be built using mass timber construction.
Construction Sector Job Gains Slow in March
A closer look at the Bureau of Labor Statistics nonfarm payroll report for March reveals that both residential and non-residential employment totaled 7.9 million and exceeds its February 2020 level.