On Monday, the US Census Bureau reported that total construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1% below the revised May estimate of $1,781.9 billion. The June figure is 8.3% above the June 2021 estimate of $1,628.0 billion.
Wood Markets News
Brazilian Exports of Wood-Based Products Increase Year-Over-Year in June 2022
According to the International Tropical Timber Organization, in June 2022 Brazilian exports of wood-based products (except pulp and paper) increased 22% in value compared to June 2021, rising from US$395.8 million in June 2021 to US$483.5 million in June 2022.
US National Interagency Fire Center Wildfire Update for August 1, 2022: 4 New Wildfires Reported
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US has been reduced to 55, with more than 1,580,475 acres across 13 different states currently burning. Four large new wildfires have been reported within the past 24 hours.
More Buyers Turn to Newly Built Homes as Availability of Existing Homes Remains Tight
According to the latest Housing Trends Report (HTR), the popularity of new homes rebounded in Q2 of 2022 after declining steadily for the previous five quarters. The HTR is reporting that 21% of prospective buyers reported looking at a newly built home in Q2, up from 19% in Q1.
Tallest International Hotel to Be Built From Cross Laminated Timber and Green Steel in Adelaide, South Australia
The Adelaide building will be constructed using cross laminated timber (CLT) and green steel. When complete the building will be the tallest international hotel in the world. It will reach a height of 31 stories, 100 meters, or just shy of 330 feet in height.
Canadian Real GDP Essentially Flat in May 2022
Statistics Canada reported today that real GDP was essentially unchanged in May, following a 0.3% increase in April. Growth in services-producing industries of 0.4% was offset by a decline in goods-producing industries of 1.0%. Overall, 14 of the 20 industry sectors tracked reported increases.
Inflation Impacting Personal Income and Outlays for June 2022
The US Bureau of Economic Analysis reported on Friday that, according to their estimates, personal income increased $133.5 billion, or 0.6%, in June. Disposable personal income increased $120.4 billion, or 0.7%, in June. Personal consumption expenditures increased $181.1 billion, or 1.1%, in June.
University of Michigan Final Consumer Sentiment Index for July 2022 Remains Near Its Historic Low
The University of Michigan today released its final Consumer Sentiment Index (CSI) for July. The Index of Consumer Sentiment increased to a reading of 51.5 in July, up from its 50.0 reading in June. This is a month-over-month increase of 3.0% but down 36.6% year-over-year (81.2 in July 2021).
Canfor Corporation Announces $210 Million Investment In a New Sawmill Facility in Southern Alabama
Canfor Corporation announced today that it will be investing approximately $210 million to build a new, state-of-the-art sawmill complex in southern Alabama. The new sawmill will be using leading technology and will have an annual capacity, based on a two-shift basis, of 250 million board feet.
Resolute Announces Ratification of 4-Year Labor Agreement With Unifor at 8 Quebec Sawmills
Resolute Forest Products Inc. announced on Monday the ratification of a four-year labor agreement with Unifor, the union which covers over 1,000 employees that work in eight of the company’s Quebec sawmills. The agreements were ratified on July 22.