The BC government and four Treaty 8 First Nations announced on Friday that they have reached a consensus on a collaborative approach to land and resource planning and to advance regional solutions to benefit everyone living in northeastern BC and Treaty 8 territory.
Wood Markets News
Timberlink Expanding Mill in Tarpeena, Australia
An investment of $90 million (A$) will fund the expansion of Timberlink’s Tarpeena, Australia, mill. The investment includes a $63 million manufacturing plant that will produce cross-laminated timber (CLT) and glue laminated timber (GLT) for the construction industry.
US Leading Economic Index® Declined Again in December, The Conference Board Reports
The Conference Board released today the Leading Economic Index® (LEI) for the US in December. The LEI declined 1.0% in December to a reading of 110.5 (2016=100), following a 1.1% decline in November. The LEI has dropped 4.2% over the six-month period from June to December.
Portland International Airport Installs 9-Acre Mass Timber Roof
Described in October 2022 as the crown jewel of the massive $2 billion dollar expansion of the Portland International Airport, the 9-acre mass timber roof, which has been under construction since last year in a remote corner of the airfield, has been installed.
Building Materials Costs Decline Month-Over-Month in December
A closer look at the Bureau of Labor Statistics December Producer Price Index (PPI) report reveals that the prices of goods used in residential construction ex-energy and not seasonally adjusted declined 0.3% in December—the fourth consecutive monthly decline.
BC Funding Projects to Expand Use of Fiber to Benefit Forestry Workers and Communities
New funding for the Forest Enhancement Society of British Columbia will benefit forestry workers and communities. The funding will be used to increase fiber supply aimed at keeping people working and local mills running, while at the same time reduce wildfire risks and climate emissions.
Lower Mortgage Rates Rejuvenate Buyer Interest, and Home Sale Prices Are on the Rise
Redfin reported on Thursday that in the four weeks ending January 15th, the median US home-sale price increased 0.9% from a year earlier to $350,250. This is the biggest increase in a month.
New Home Mortgage Applications Declined Month-Over-Month and Year-Over-Year in December
The Mortgage Bankers Association reported on Friday that data from its Builder Application Survey for December revealed mortgage applications for new home purchases decreased 5% month-over-month and 25.2% year-over-year.
Existing Home Sales Down Month-Over-Month and Year-Over-Year in December
The National Association of Realtors® reported on Friday that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 1.5% monthly decline in December, reaching a seasonally adjusted rate of 4.02 million homes.
US Housing Starts, Permits, and Completions All Fell in December
The US Census Bureau reported on Thursday that privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,382,000. This is 1.4% below the revised November estimate of 1,401,000. Single-family housing starts in December were at a rate of 909,000.