Paper Excellence has started the controlled and orderly process of shutting down its pulp mill located in Crofton, BC. Contract negotiations reached an impasse, and the company’s request for mediation has been rejected by the union.
Wood Markets News
Floating Office Building Located on Rotterdam’s Maas River Utilizes CLT
Rotterdam is now the home of a three-story building that has been constructed on a set of 15 ‘concrete barges’ that allow it to float on Rotterdam’s Rijnhaven, a former industrial harbor located on the Maas River.
China Home Prices Decline for 13th Consecutive Month in September
According to China’s National Bureau of Statistics, as reported in Bloomberg News, home prices in China sank for the 13th consecutive month in September. New-home prices in 70 cites, excluding state-subsidized housing, dropped 0.28% from August.
Interfor Announces Q4 Lumber Production Curtailments Across All Regions
Interfor Corporation announced that it plans to reduce its lumber production output in Q4 by approximately 200 million board feet, or 17% of quarterly capacity, due to current economic conditions and market uncertainty, which have led to reduced lumber demand.
EU Timber Regulations Scheduled to be Replaced
Research from iov42, the London-based company that has created a computer platform for traceability in the timber supply chain, has found that timber importers across Austria, Belgium, France, Italy, and the UK are troublingly unprepared for the upcoming change in EU regulations.
Repair and Remodeling Activity Predicted to Slow Substantially in 2023
According to the Harvard University Joint Center of Housing Studies’ latest Leading Indicator of Remodeling Activity (LIRA), which was released on Thursday, projected year-over-year growth in repair and remodeling activity will decline from 16.1% in 2022 to 6.5% by 2023Q3.
Home Sales and Listings Both Declined at a Record Pace in September
Redfin reports that home sales and listings of homes for sale both declined in September at a record pace. The number of homes sold dropped 25% year-over-year, while new listings declined 22%—the largest declines since May and April of 2020.
Canada’s Industrial Product Price Index and Raw Materials Price Index Both Increase in September
Statistics Canada on Wednesday reported that in September the prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased month-over-month by 0.1%. Year-over-year the IPPI was 9% higher.
Canadian Housing Starts Hit Their Highest Level Since November 2021
The Canadian Mortgage and Housing Corporation reported on Tuesday that September’s standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada was at its highest level since November 2021, coming in at 299,589 units.
US Leading Economic Index® Declined in September, The Conference Board Reports
The Conference Board released today the Leading Economic Index® (LEI) for the US in September 2022. According to the report, the LEI for the US declined 0.4% in September. The LEI has dropped 2.8% over the six-month period from March to September 2022.