Citing persistently weak market conditions, Interfor Corporation announced on Tuesday (4-30-24), that it plans to reduce its lumber production by approximately 175 million board feet between May and September 2024. The reduction in production represents just under 10% of Interfor’s operating stance.
Wood Markets News
Swinerton Starts Construction on the Oxbow in Charlotte, North Carolina
According to an article appearing in Yieldpro.com, on Monday (4-29-24), California-based Swinerton has started construction on a $97.8 million, mixed-use commercial plus multifamily development with significant mass timber elements in Charlotte, North Carolina, dubbed the “Oxbow.”
U.S. Census Bureau’s Residential Vacancies & Home Ownership Report for Q1 2024
According to the report national vacancy rates in Q1 2024 were 6.6% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was not statistically different from the rate in Q1 2023 when it was at 6.4%, and virtually the same as the rate in the Q4 2023 reported as 6.6%.
U.S. Consumer Confidence Index Trends Lower for the Third Consecutive Month in April 2024
The Conference Board, a non-partisan, not-for-profit think tank, founded in 1916, on Tuesday (4-30-24), released its Consumer Confidence Index® (CCI) for April 2024. The CCI Index declined in April for the third consecutive month, falling to a reading of 97.0 from a downwardly revised March reading of 103.1.
S&P CoreLogic Case-Shiller Reports a 6.4% Gain in February 2024
On Tuesday (4-30-2024), S&P CoreLogic Case-Shiller released its U.S. National Home Price NSA Index for February 2024. The Index which covers all nine U.S. Census divisions, revealed that 18 out of the 20 major metro markets reported month-over-month (Jan. 24 – Feb. 24) price increases.
FHFA’s House Price Index Increases for February 2024
The Federal Housing Finance Agency (FHFA) reported on Tuesday (4-30-24), its House Price Index (FHFA HPI®) for February 2024. According to the HPI, U.S. home prices increased 1.2% from January. Year-over-year (Feb.23 – Feb. 24) U.S. house prices increased 7.0%.
Canadian Gross Domestic Product Increased in February 2024
Statistics Canada (StatCan) reported on Tuesday (4-30-24), that Canadian real gross domestic product (GDP) increased 0.2% in February, following a 0.5% gain in January. Overall, 12 of the 20 sectors reported increases in February.
Teal Jones Files for Creditor Protection at BC Supreme Court
On Thursday, BC-based Teal Jones filed for creditor protection at the BC Supreme Court, Global News reported.
NAHB Releases Updated 2024 Priced Out Estimates for New-Home Buyers
The new NAHB estimates show that affordable housing is a serious problem even before any further price or interest rate increases.
Is This the Future of Building? CBS Saturday Morning Takes an In-Depth Look at Mass Timber
CBS Saturday Morning News takes an in-depth look at the “fascinating” use of wood and mass timber in today’s construction world.