Statistics Canada today released its real gross domestic product (GDP) report for November. According to the report, Canadian real GDP edged 0.1% higher in November, following a 0.1% uptick in October. Fourteen out of the 20 industrial sectors reported increases in November.
Wood Markets News
Construction of Six-Story Mass Timber Student Housing Project at University of Fraser Valley’s Abbotsford, BC, Campus to Get Underway
Turner Construction Co. and Clark Builders have been appointed by University of Fraser Valley to build a 398-bed student housing community on its Abbotsford, BC, Canada campus. Originally announced in May 2022, the $73.7 million (CAD) project will triple the campus’ number of beds.
S&P CoreLogic Case-Shiller US Home Price Index Declined Further in November
On Tuesday, S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The Index reported that home prices experienced a 7.7% annual gain in November. The increase is down from a 9.2% annual gain in October.
The Conference Board’s Consumer Confidence Index Declines in January
The Conference Board released today its Consumer Confidence Index® (CCI) for January 2023. The CCI declined to 107.1 (1985=100) in January. This follows and upwardly revised figure of 109.0 for December. The Present Situation Index increased to a reading of 150.9 in January.
Drax Group Announces $50 Million Investment to Expand Its Aliceville, Alabama, Wood Pellet Plant
Citing growing global demand for biomass, Drax Group, a renewable energy company, announced that it is investing $50 million to expand its Aliceville, Alabama, wood pellet plant. The expansion will include upgrades to existing systems as well as new truck dumps and pelletizer units.
Sharp Decline in Alberta’s Mountain Pine Beetle Population is No Reason to Let Guard Down
A sharp decline in Alberta’s mountain pine beetle population is a positive development for the province’s economy and its forests. But according to Bruce Alexander, general manager of Sundre Forest Products – West Fraser, neither the lumber industry nor the government can let down their guard.
North Carolina Firm Developing Alternative to Traditional OSB and Plywood Using Grass
In a January 26th issue of Dezeen Architecture, Interiors, and Design Magazine, a North Carolina firm was featured that has developed an alternative product to replace traditional OSB and plywood-like materials. The company, called Plantd Materials, was co-founded by Josh Dorfman with former SpaceX engineers.
Oregon Turns to Mass Timber and Factory-Built Houses to Meet Growing Housing Shortages
Oregon is short approximately 110,000 housing units and needs to build more than a half-million additional homes over the next 20 years to keep up with demand. Some believe the answer could be a protype of an affordable housing unit made from mass timber.
Outlook for Housing Affordability Turns Sharply Negative in 2022Q4
According to the latest results from the National Association of Home Builders Housing Trends Report, home buyers’ outlook for housing affordability turned sharply negative in 2022Q4. A record high of 87% of prospective buyers reported being able to afford less than 50% of the homes for sale in their markets.
US Commerce Department Publishes Preliminary Results of Antidumping and Countervailing Duty Administrative Reviews
On Friday, January 27, 2023, the US Department of Commerce published in the Federal Register two notices concerning “Certain Softwood Lumber Products From Canada.”