Statistics Canada reported today that the Industrial Product Price Index (IPPI) fell 1.2% month-over-month in August, its third consecutive monthly drop. Prices of raw materials, as measured by the Raw Materials Price Index (RMPI), declined 4.2% on a monthly basis in August.
Wood Markets News
BC’s Vancouver Island University Planning to Build 9-Story Mass Timber Student Housing Project
Vancouver Island University (VIU) is planning to build an $87.8 million (CAD), nine-story mass timber student housing project that, when complete in the autumn of 2025, will include 266 student beds, a common area, and a new dining hall at its Nanaimo, BC, campus.
State Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs Released for August 2022
The Bureau of Labor Statistics’ (BLS) nationwide total nonfarm payroll employment summary for August with a state-by-state overview and a focus on construction reveals that nonfarm payroll employment increased month-over-month in 37 states in August compared to the previous month, while 13 states and DC lost jobs in August.
Builder Sentiment Declines for Ninth Consecutive Month in August as Housing Continues to Slow
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes tumbled 3-points lower in September to a reading of 46. This marks the ninth consecutive monthly decline.
US National Interagency Fire Center Wildfire Update for September 9, 2022: Two New Fires
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US has grown to 95, with more than 902,574 acres across 9 different states currently burning. Two new fires in Oklahoma were reported within the past 24 hours.
PotlatchDeltic Corporation Completes Merger With CatchMark Timber Trust
PotlatchDeltic Corporation announced on Wednesday that it has successfully completed the previously announced merger with CatchMark Timber Trust Inc. in an all-stock transaction, creating a leading integrated timber REIT.
Canadian Housing Starts Trend Higher in August
The Canadian Mortgage and Housing Corporation announced that the trend in housing starts in August was 267,309 units, up from 264,467 units reported in July. This “trend” measure is a six-month moving average of the monthly seasonally adjusted annual rates.
Belarus Seeks Alternatives to Overcome Sanctions on Timber and Wood Products
Belarus’ export program is now being reoriented towards the domestic market—which in turn has required a major restructuring of the timber industry market, with losses in profitability and additional administrative costs being borne by the heads of regional governors.
China’s Home Prices Decline at an Accelerated Pace in August, Marking 12th Consecutive Drop
According to data released by China’s National Bureau of Statistics, new-home prices in 70 cities, excluding state-subsidized housing, dropped 0.29% month-over-month in August. The decline marks the twelfth consecutive month of price depreciation.
University of Michigan Preliminary Consumer Sentiment Index Released for September 2022
The Index of Consumer Sentiment increased to a reading of 59.5 in September, up from its reading of 58.2 in August. This is month-over-month increase of 2.2% but down 18.3% year-over-year (72.8 in September 2021).