CKPGToday in Prince George, BC, is reporting that the number of predicted job losses due to Canfor’s announced closure of its Prince George Pulp and Paper mill appear to be far fewer that originally estimated. The number has been adjusted down to 90.
Wood Markets News
Associated Builders and Contractors’ Backlog Indicator Grew to 9.2 Months in February
Associated Builders and Contractors is reporting that its Construction Backlog Indicator grew to 9.2 months in February. That reading is 1.2 months higher than in February 2022. The Southern region continues to post the highest backlogs of any region.
Americans Continue to Spend More on Rent… More Than They Can Afford
According to the latest Rental Report from Realtor.com, rent was less affordable in February compared to a year ago. Renters earning the typical household income spent 25.3% of their income on rent. February was the seventh consecutive month with a single-digit year-over-year increase.
Canadian Natural Resources Real GDP Declined in 2022Q4
Statistics Canada reported on Thursday that real gross domestic product (GDP) of the natural resources sector declined 1.9% in 2022Q4, after increasing 1.5% in 2022Q3. In contrast, the economy-wide real GDP was unchanged in 2022Q4.
Mortgage Payments Increase for Second Consecutive Month in February
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI) homebuyer affordability declined in February, as the national median payment applied for by applicants increased 4.9% to $2,061.
US Homebuyer’s Typical Down Payment Declined 10% Year-Over-Year in January
Redfin reported on Wednesday that the typical US homebuyer’s down payment declined 10% year-over-year in January to $42,375, its lowest level in nearly two years. Redfin notes that median down payment was down 35% from the peak reached in June 2022.
Mjölk Architekti Completes New Wooden Headquarters for Kloboucká lesní
Kloboucká lesní, a Czech management company for sustainable forestry, has a new wooden headquarters. The 1,034-square meter building is constructed predominately of glue laminated timber.
US Rents Remained Flat in February
Yardi Matrix is reporting that multifamily rents in February remained unchanged from January at an average of $1,702 US asking rent. Year-over-year growth is 4.8%, the lowest level in nearly two years.
US New Residential Home Sales Rise 1.1% Month-Over-Month in February
On Thursday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for February were at a SAAR of 640,000, according to estimates. This is 1.1% above the revised January rate of 633,000.
Domain Timber Advisors Assumes Investment Responsibilities for Forestland Portfolios in US Southeast and Pacific Northwest
Domain Capital Group, LLC, a comprehensive private investment service firm, announced on Monday that its subsidiary, Domain Timber Advisors, LLC, has assumed investment responsibilities for a forestland portfolio in the US Southeast and Pacific Northwest.