The Fort Nelson First Nation and local politicians have been trying to pull themselves out of a 15-year regional recession by revitalizing the region’s forest industry, which was shut down in 2008 when Canfor Corp closed its plywood and OSB mills. Those closures were proceeded by the shuttering of the Tackama sawmill in 2005.
Wood Markets News
Stora Enso to Partner With EcoTelligent on Mass Timber Telecommunication Support Structures
On Thursday, Stora Enso and EcoTelligent Oy jointly announced a collaboration that will establish mass timber as the material of choice for telecommunication support structures. The partnership is set to provide an alternative that will reduce the dependency on steel and concrete in telecom masts.
14,000-Hectare Softwood Plantation Proposed in the State of Victoria, Australia
The Australian Associated Press is reporting that the State of Victoria’s government will invest $120 million (AUD) in a soft timber plantation in the state’s southeast. Hancock Victorian Plantations will match the spending to buy, lease, and manage more than 14,000 hectares of softwood plantation.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Increased in August 2022
The US Bureau of Economic Analysis reported on Friday that, according to their estimates, personal income (PI) increased $71.6 billion, or 0.3%, in August. Disposable personal income increased $67.6 billion, or 0.4%, in August. Personal consumption expenditures increased $67.5 billion, or 0.4%, in August.
University of Michigan Final Consumer Sentiment Index Increases for September 2022
The University of Michigan today (9-30-22) released its final Consumer Sentiment Index (CSI) for September. The Index of Consumer Sentiment increased to a reading of 58.6 in September, up from its reading of 58.2 in August. This is a month-over-month increase of 0.7% but down 19.5% year-over-year (72.8 in September 2021).
‘Namgis First Nation and the Government of Canada Celebrate Successful Expansion of Atli Chip LP Facility
The Government of Canada joined the ‘Namgis First Nation in celebrating the successful expansion of the Beaver Cove Chip Plant, now operating as Atli Chip LP. The expansion opens up forestry-related opportunities, businesses, careers, and governance with the ‘Namgis traditional territories and other communities in the region.
New Brunswick Government Officials Suddenly Tight Lipped About Additional Forestry Revenues
In early July, New Brunswick’s Natural Resources and Energy Development Minister gave several interviews, saying that forestry companies will pay “tens of millions of dollars” more in timber royalties this year than last. However, as of late, both the minister and the New Brunswick provincial government appear to be stepping back.
Real GDP in Q2 2022 Decreased at an Annual Rate of 0.6%, BEA Reports in Its “Third” Estimate
The Bureau of Economic Analysis released today its “third” estimate for Q2 real GDP. According to the report, GDP decreased at an annual rate of 0.6% in Q2 2022. The decline follows a Q1 2022 real GDP of -1.6% (same as previously published).
Canadian Real GDP Edges Higher in July
Statistics Canada reported today that Canadian real GDP edged 0.1% higher in July, after recording a similar 0.1% increase in June. Growth in goods-producing industries, up 0.5%, were partially offset by declines in the services-producing industries of 0.1%.
Mortgage Rates Climb Higher in the Week Ending September 29th, Marking Sixth Consecutive Increase
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 29, 2022. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.70% with an average 0.9 point, up from last week when it averaged 6.29%.