US housing’s share of GDP fell to 15.9% in Q1, dropping below 16% for the first time since 2019, the BEA and NAHB reported.
Wood Markets News
European Commission Says EUDR Simplification Cuts Compliance Costs by 75%
The European Commission said EUDR simplification measures have cut compliance costs by about 75%, while maintaining the regulation’s scope and timeline.
Strait of Hormuz Closure Disrupts Timber Supply Chain
The closure of the Strait of Hormuz is disrupting timber supply chains, Robbert Jan Dekker, director of Dutch Royal Deckker, said.
Brazilian Exports of Wood-Based Products Fall in March
Brazilian exports of wood-based products (excluding pulp and paper) totaled $226.1 million in March, down 34% from a year earlier, ITTO reported.
US National Interagency Fire Center Wildfire Update for May 1
As of Friday, 17 large fires were active across the US. Year-to-date, 1,847,151 acres have burned.
US Mortgage Application Payment Index Rises in March
The national median mortgage payment was $2,131 in March, up from $2,061 in February, MBA reported.
BTG Pactual TIG Closes Latin American Reforestation Fund at $1.24 Billion
BTG Pactual TIG closed a $1.24 billion reforestation fund targeting 660,000 acres in Latin America, spanning conservation, restoration, and commercial tree farms.
BC Announces Forestry Support Grants for Workers
BC announced a CA$20.8 million forestry support grant to aid ~1,400 workers through training, wage subsidies, and job-creation projects.
US Personal Income and Outlays Rise in March
Personal income rose 0.6% and personal consumption expenditures increased 0.9% in March. The PCE price index advanced 3.5% year-over-year.
UPM Board Approves Plan to Spin Off Plywood Business
UPM’s board approved a plan to spin off its plywood business into WISA Group, with completion targeted for October 31.