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.
Wood Markets News
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.
Could Plastic Packaging Someday be Replaced by Wood-Based Products?
With both wildfires and petroleum-based plastics currently affecting life on earth and significantly adding to greenhouse gas emissions, the US Forest Service’s Forest Products Laboratory is invested in one solution for both by developing recyclable: next generation packing materials made from wood.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in September
The National Association of Realtors® (NAR) reported on Thursday (10-20-22) that total existing home sales recorded a 1.5% decline in September from August to a seasonally adjusted rate at 4.71 million homes—the eighth consecutive monthly decline.
Zanzibar to Become Home to World’s Tallest Hybrid Mass Timber Tower
The Zanzibar, Republic of Tanzania, will soon be home to the world’s tallest hybrid mass timber tower. The 28-story residential and commercial building will reach a height of 96 meters, or 315 feet. It will exceed the height of the current tallest hybrid building located in, Wisconsin.