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.
Wood Markets News
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.
US Nonfarm Payroll Increases by 236,000 in March; Unemployment Inches Lower to 3.5%
The US Bureau of Labor Statistics reported Friday that total nonfarm payroll employment increased by 236,000 in March, compared with an average monthly gain of 334,000 over the prior 6 months.
Sonoco Products Company Sells 55,000 Acres of Timberland in South Carolina
Sonoco Products Company, a global packaging company, announced on Thursday that it has sold approximately 55,000 acres of timberland located in South Carolina to Manulife Investment Management on behalf of its client for the sum of $72 million.
30-Year Mortgage Rate Down; 15-Year Mortgage Rate Up
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 6th. The 30-year fixed-rate mortgage averaged 6.28%, down from last week when it averaged 6.32%. A year ago at this time, the 30-year rate averaged 4.72%.
University of New Hampshire Project Testing Use of Regional Softwood in Mass Timber Construction
The University of New Hampshire Cooperative Extension has begun work on a project that has the potential to increase the usage of the region’s timber industry, as well as supporting efforts to fight climate change, according to the New Hampshire Business Review.