Nuveen’s newly launched global timberland strategy arm, Nuveen Natural Capital, announced on Monday that it has made its first portfolio acquisition, purchasing 47,751 acres of timberland in Washington and Oregon from Green Crow for an undisclosed amount.
Wood Markets News
Prices of Building Materials Decline for Third Consecutive Month in November
A closer look at the Bureau of Labor Statistics November 2022 Producer Price Index (PPI) report reveals that the prices of building materials declined 0.3% in November (not seasonally adjusted). The index has declined five out of the past six months for the first time since 2015.
Alberta’s Mountain Pine Beetle Population Continues to Decline
Since its most recent peak in 2019, the mountain pine beetle population in Alberta has declined 94%. The drop reflects the continuous effort to slow the spread following the 2019 and 2020 winter seasons. Sustained periods of widespread, extreme cold also increased beetle mortality.
Ironwood Mill Ordered to Clean Up Massive Chip Pile
The Ironwood Veneer Mill located near Dolores, Colorado, has entered into a court-ordered agreement with Montezuma County to remove a massive chip pile which is in violation of Colorado state disposal regulations. The mill began operations in 2020 but quickly ran into problems.
Supply of Homes For Sale Sets Record Increase of 15% in 4-Week Period Ending December 4th
Redfin reported on Thursday that during the four-week period ending December 4th, the total number of homes for sale in the US increased by 15% year-over-year. This is the largest increase since at least 2015.
Mortgage Credit Availability Rises in November—First Increase in Nine Months
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index, which analyzes data from ICE Mortgage Technology, mortgage credit availability rose by 1.4% in November. This marks the first increase in nine months.
Producer Price Index for Final Demand Up 0.3% in November—7.4% Year-Over-Year
The Bureau of Labor Statistics reported that the Producer Price Index for final demand, seasonally adjusted, increased 0.3% in November. On an unadjusted basis, the index for final demand advanced 7.4% for the 12 months ending in November.
University of Michigan Preliminary Consumer Sentiment Index Increases for December
The University of Michigan has released the preliminary results of its Consumer Sentiment Index for December. The Index of Consumer Sentiment rose to a reading of 59.1 in December, up from 56.8 in November. This is a month-over-month increase of 4.0% but down 16.3% year-over-year.
Custom Home Market Share Modestly Declines
Data from the US Census Bureau’s Survey of Construction, with additional analysis provided by the National Association of Home Builders, reveals that custom homes accounted for 17.6% of new single-family homes started in 2022. This share is down slightly from 17.8% recorded in 2021.
Significant Progress Reported in Western Australia’s Softwood Timber Estate Expansion
The competitive real estate market in Western Australia has not slowed the acquisition of land needed to expand the country’s western softwood timber estate. In September 2021, the government announced a record $350 million (A$), 10-year investment in the expansion of the State’s softwood plantation timber estate.