The Finnish forest industry’s foreign trade was negatively impacted in 2022 by Russia’s invasion of Ukraine and the resulting economic affects. According to Luke, a total of 5.5 million cubic meters of roundwood and forest industry by-products were imported in 2022, a 56% annual drop.
Wood Markets News
UPM Completes Sale of Russian Businesses to Gungnir Wooden Products Trading
UPM on Monday announced that it has completed its withdrawal from all of its businesses in Russia. UPM is selling all of its Russian operations, including the Chudovo plywood mill, to Gungnir Wooden Products Trading.
Mortgage Applications Declined in Week Ending March 31st
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending March 31st, the Market Composite Index—a measure of mortgage loan application volume—decreased 4.1% on a seasonally adjusted basis from one week earlier.
Six-Story Mass Timber Office Project Unveiled for West Houston, Texas
Hicks Ventures, a Houston-based real estate firm, unveiled its plans for a mass timber office project in West Houston, according to a report by “connectcre.” The developer claims the structure will be the first net-zero operational carbon commercial office building in Texas.
Construction Sector Job Openings and Labor Turnover Survey for February
A closer look at the Bureau of Labor Statistics February Job Openings and Labor Turnover Survey, with a specific focus on the construction labor market and additional analysis provided by the National Association of Home Builders, reveals that after a sharp decline in January, job openings rebounded.
ADP® Reports Private Sector Employment Gains and Increased Compensation in March
According to the ADP® National Employment Report™ released today, nonfarm private sector employment increased by 145,000 jobs in March and annual pay was up 6.9%, year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
Canadian Lumber Production Up 17.4% Month-Over-Month in January
Statistics Canada reported Tuesday that lumber production in January increased 17.4% month-over-month to 3,811.5 thousand cubic meters. Sawmills shipped 3,682.6 thousand cubic meters of lumber, up 9.0% from December but down 4.5% from January 2022.
Total Value of Canadian Building Permits Increased in February
Statistics Canada reported Tuesday that the total value of building permits in Canada advanced 8.6% to $10.7 billion (CAD) in February. Seven provinces reported monthly increases. On a constant dollar basis (2012=100), the total value of building permits rose 8.2% to $6.4 billion.
Stora Enso Completes Divestment of Its Paper Production Site in Hylte, Sweden
Stora Enso today reported that it has completed its previously announced (January 27th) divestment of its paper production site in Hylte, Sweden, to Sweden Timber. Sweden Timber is a Sweden-based sawmill and planing mill company.
BC Government Introduces Multibillion-Dollar Plan to Help Alleviate Housing Shortage
The British Columbia provincial government has introduced a multibillion-dollar plan to construct more homes as quickly as possible in the hopes of alleviating the current housing crisis, according to CKPGToday. The “Homes for People” plan starts with a $4-billion investment over three years.