Fannie Mae has released its Home Purchase Sentiment Index® (HPSI) for February. The HPSI fell 3.6 points in February to a reading of 58.0. The decline ends a streak of three consecutive monthly gains, returning the HPSI closer to its all-time survey low set in October 2022.
Wood Markets News
Employees at West Fraser Timber’s Barwick OSB Mill Ratify New Four-Year Agreement
Members of Unifor Local 324-99 working at West Fraser Timber’s Barwick OSB facility located near Ft. Frances, Ontario, have voted in favor of accepting a new four-year collective agreement with the company, according to Canadian Forest Industries.
Mercer International Announces Signing of First Major Mass Timber Project Contract
Mercer International announced that it has signed its first major mass timber project contract with a large consumer products retailer. The project is anticipated to consume four months of capacity at Mercer’s Spokane, Washington, facility on a single-shift basis in 2023.
Norra Skog to Build a New Timber Terminal in Östavall, Sweden
Norra Skog has announced it is investing SEK 57 million in the construction of a timber terminal to be built on a former sawmill site in Östavall, Sweden. The goal is to have Östavall operational sometime in the second half of 2024.
Arauco Warns Wildfires in Chile Could Cost the Company $50 Million in Revenue
On Wednesday, Arauco, the Chilean pulp and wood panel marker, said it is estimating that it could experience as much as a $50 million hit to its bottom line due to fires raging in the country’s south, according to a report by Reuters. Arauco is the forestry arm of the industrial group Empresas Copec.
Second Annual Softwood Lumber Board/US Forest Service Mass Timber Competition Open for Proposals
The Softwood Lumber Board and the US Department of Agriculture Forest Service Department jointly announced on Wednesday that the Forest Service’s second annual “Mass Timber Competition: Building to Net-Zero Carbon” is now open for proposals from eligible teams.
Resolute Forest Products to Temporarily Suspend Operations at Its Saint-Thomas-Didyme, Quebec, Facility
As reported in Le Nouvelles Hebdo, Resolute Forest Products Inc. announced Monday that it has temporarily suspended operations at its Saint-Thomas-Didyme, Quebec, facility until June 11th due to a lack of fiber.
Two Unions Representing 3,000 Canadian National Railway Workers Vote in Favor of a Strike
Two unions currently engaged in contract talks with the Canadian National Railway have voted in favor of strike action, according to reporting by CityNews Calgary. Members of Unifor Local 100 and Unifor Council 4000 voted favorably after contract talks with the railway broke down in February.
US Home Prices Decline Year-Over-Year for the First Time Since February 2012
Redfin is reporting that US home-sale prices have declined year-over-year for the first time in more than a decade. The typical house sold for $350,246 during the four weeks ending February 26th, down 0.6% from a year ago, marking the first time prices have declined since 2012.
BC Timber Company’s Dilemma: Harvest Old-Growth Trees or Pay Fees to Leave Them Standing
Harvest old-growth trees or a pay a fee to leave them standing? This is the dilemma that BC’s Downie Timber Company is currently facing, according to The Canadian Press. Downie is trying to avoid logging a section of at-risk old growth forest identified by the provincial government.