According to reporting by Lancaster Farming, in a webinar presented by Farm Credit East, Paul Jannke, a Principal at FEA, said, “In 2023 we’re looking at a 7% decline lumber consumption in North America, which equates to about 4 billion board feet.”
Wood Markets News
Historic Memorandum of Understanding Signed Between AV Group NB and Wolastoqey First Nations
AV Group NB and six Wolastoqey First Nations have signed a memorandum of understanding that outlines a path forward towards mutually beneficial forest management and economic development opportunities, Canadian Forest Industries has reported.
Decline in Truck Transportation Jobs in February Were the Third Largest in a Decade
FreightWaves is reporting that according to the recently released Bureau of Labor Statistics data, the truck transportation sector in February experienced major job losses, shedding 8,500 positions. Except for the massive drop in April 2020, the only similar decline in truck sector jobs was ten years ago.
National Association of Home Builders Releases 2023 “Priced-Out” Estimates
The National Association of Home Builders priced-out estimates for 2023 reveal that approximately 96.5 million US households are not able to afford a median-priced new home. An additional 140,436 households would be priced out of the new home market if prices were to go up by only $1,000.
Construction of 4-Story Mass Timber Building Underway in Wilmington, North Carolina
Construction has commenced within the Live Oak Bank campus in Wilmington, North Carolina, on an office building to be built using 100% mass timber, according to Building Design+Construction magazine. “Building Four” will be a 67,000 square foot structure.
Existing Home Prices Fell 1.2% in February—The First Annual Decline Since 2012
Redfin reported on Friday that the median US home price fell 1.2% in February, marking the first year-over-year decline since 2012. Home purchases continued to level off after a sharp pullback in 2022H2. New listings were at their lowest level on record aside from the start of the pandemic.
Södra’s New CLT Facility in Värö, Sweden, Increases Its CLT Capacity Tenfold
On Wednesday, Södra opened a new cross-laminated timber (CLT) facility on the west coast of Sweden. The plant, located in Värö, is one of the largest in Sweden and will permit a tenfold increase in Södra’s production capacity.
Canadian Industrial Product and Raw Materials Price Indexes Both Decline in February
Statistics Canada reported on Friday that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 0.8% month-over-month in February, following a 0.3% increase in January. Year-over-year, the IPPI was up 1.4%.
US Leading Economic Index® Declined Again in January, The Conference Board Reports
The Conference Board released today its Leading Economic Index® (LEI) for the US in February. The LEI declined 0.3% in February to a reading of 110.0 (2016=100), after declining 0.3% in January. The LEI has dropped 3.6% over the six-month period from August 2022 to February 2023.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for March
The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for March. The Index of Consumer Sentiment declined to a reading of 63.4, down from 67.0 in February. This is a month-over-month decrease of 5.4% but up 6.7% year-over-year.