The Conference Board today (4-26-22) released their Consumer Confidence Index® (CCI) for April 2022. The CCI declined slightly in April after a modest increase in March. The Index (1985=100) now stands at 107.3, down from 107.6 in March.
Wood Markets News
Ontario Offers $17.2 Million in Support of Proposal to Relocate and Expand Kenora Forest Products Mill Site
GreenFirst Forest Products Inc. has announced that it plans to use a large $17.2 million (CAD) performance-based loan from Ontario to support a proposal to relocate, improve, and expand the former Kenora Forest Products mill site. This performance-based loan is conditional on Ontario and the company finalizing a contract.
Stora Enso Announces Sale of Two Sawmills and Forest Operations in Russia to Local Management
Uncertain about its future in Russia, Stora Enso, the Finland-based forestry firm, announced on Monday (4-25-22) that it will be selling its two sawmills, one in Karelia and the other in Novgorod, along with the Russian forest operation that supplies wood to both mills to local management. The mills have an annual capacity of 350,000 cubic meters.
Home Purchasing Bidding Wars Retreat in March—The First Decline in 6 Months
Redfin reported today (4-25-22) that 65% of home offers written by their agents faced competition on a seasonally adjusted basis in March. That is down from a revised 66.7% in February. It also marks the first month-over-month decline since September of 2021. It also marks the first month-over-month decline since September of 2021.
City of South Perth, Australia Set to Become Home of World’s First Hybrid Timber Tower
The City of South Perth, Australia’s skyline is about to become home to one of the world’s most unique tower buildings. Grange Development submitted plans on Thursday (4-21-22) to the City of South Perth for what is set to be the world’s tallest $350 million (A$) hybrid timber tower and Australia’s first carbon negative building.
Zillow’s March Real Estate Market Report: Home Prices Up 19.5% in Past 3 Months and 38% Year-Over-Year
Zillow Group is reporting that quickly rising mortgage rates continue to negatively impact affordability that has been brought on by record home value growth. As a result, monthly mortgage payments on a typical U.S. home are currently 19.5% higher than they were just 3-months ago and are 38% higher year-over-year.
Canfor to Invest $130 Million to “Significantly Upgrade and Expand” Its Urbana, Arkansas Facility
Canfor Corporation announced on Thursday (4-21-22) that it will invest approximately $130 million to “significantly upgrade and expand” its sawmill and planer facility located in Urbana, Arkansas. The upgrades include major improvements to the planer, sawmill, and log yard. They are expected to commence in the third quarter of 2022.
Canfor Holds Groundbreaking Ceremony for Its New Sawmill Facility in Deridder, Louisiana
Canfor held its official groundbreaking ceremony on Thursday for a new sawmill facility in DeRidder, Louisiana. The new facility will be Canfor’s first greenfield project, as well as the company’s first investment in the state. The site is projected to be $160 million state-of-the-art sawmill complex and will be Canfor’s 16th operation in the U.S.
Canadian Industrial Product Price Index Up 4.0% Month-Over-Month and 18.5% Year-Over-Year in March 2022
Statistics Canada (StatsCan) reported on Friday (4-22-22) that the Canadian Industrial Produce Price Index (IPPI) rose 4.0% month-over-month in March 2022. This increase is the largest monthly change on record since the series started in 1956. Growth was mainly driven by higher prices for refined petroleum products.
Norway’s Third-Tallest Skyscraper Is 18-Stories Tall and Built With 100% Locally Harvested Pine Timber
Norway’s third tallest skyscraper is unique. The building was built using local pine, which was harvested straight from its own backyard and is at the center of lumber-based architecture. The Mjøstårnet was built with 100% diverse types of engineered wood. Everything, including the elevator shaft, features complete wooden construction.