As interest rates increased in 2022 and 2023 and housing affordability deteriorated, the demand for home size has trended lower. In Q1, the median single-family square floor areas registered at 2,261 square feet.
Wood Markets News
Australia’s State of Victoria Announces End to Native Logging by The End of 2023
Australia’s State of Victoria has announced that native logging in Victorian forests will end sooner than originally planned, according to Sky News. The original plan—announced in 2019—would phase out logging in 2030; however, the new timeline will end native logging by the end of 2023.
Canadian Industrial Product Price Index Falls in April; Raw Materials Price Index Increases
Statistics Canada reported that prices for products manufactured in Canada, as measured by the Industrial Product Price Index, declined 0.2% month-over-month in April and were 3.5% lower than April 2022.
Asia’s Largest Mass Timber Building Completed in Singapore
Singapore’s Nanyang Business School recently announced that work has finished on Toyo Ito & Associates’ “Gaia” project, according to the Global Construction Review. The zero-energy building is billed as Asia’s largest mass timber building.
Saskatchewan Investing in Preservation and Maintenance of Northern Roads That Support the Forest Industry
Saskatchewan announced a $6 million (CAD) investment in the preservation and maintenance of northern roads that support the Saskatchewan forest industry. This one-time investment will fund gravel work and brush clearing on several northern roads.
Chinese Custom Officials Report Imported Logs Declined in Volume and Value in Q1
China’s log imports in Q1 totaled 9.27 million cubic meters, valued at $1,606 billion (USD), which is down 7% in volume and 18% in value when compared to 2022Q1. The average price for imported logs was US $173 (CIF) per cubic meter, down 12% from the same period last year.
WoodWorks Innovation Network Announces New Partnership With the Canadian Wood Council
The WoodWorks Innovation Network (WIN) announced a new partnership with Canadian Wood Council which will expand the number of Canadian projects on WIN, making it a one-stop resource for users seeking to explore mass timber and light-frame projects.
Lack of Lumber Industry Workers in Maine Has the Potential to Cause Lumber Prices to Increase
A recently released study by the University of Maine found that the state’s logging industry supported fewer jobs and generated less economic output and labor income in 2021 than in the five previous years.
State-Level Review of Construction Sector Employment for April
Across the 48 states which reported construction sector data (both residential and non-residential), 24 states reported an increase in April compared to March, while 24 states reported losing construction sector employment during the same period.
Lack of Inventory in Several Metro Areas Keeping Home Prices Elevated
Redfin is reporting that the median US home-sale price fell 2.7% during the four weeks ending May 14th, the smallest decline in over a month. Monthly mortgage payments hit a record high due to still-high prices and elevated mortgage rates.