The U.S. Bureau of Labor Statistics reported on Wednesday that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3% in June, on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 9.1% before seasonal adjustment.
Wood Markets News
Mortgage Credit Availability Declines for Fourth Consecutive Month in June
The MCAI declined 0.3% to a reading of 119.6 in June. The MBA notes that a decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012.
Teal Jones Group Breaks Ground on New $110 Million Sawmill Facility in Bossier Parish, Louisiana
Teal-Jones Group, the privately held international forestry products company based in British Columbia, with U.S. operations in Virginia and Mississippi, officially broke ground on Monday (7-11-22) on its new $110 million green field southern yellow pine sawmill in Plain Dealing, Bossier Parish, Louisiana.
Kelowna, BC, International Airport’s Terminal Expansion to Feature Mass Timber Construction
The British Columbia government announced today that the Kelowna International Airport will be expanding, with a terminal expansion and upgrades using mass timber. Officials say the use of prefabricated mass timber panels will reduce construction time and will result in less construction traffic to the site.
June’s Month-Over-Month Rent Increases Smallest Since Start of 2022
Redfin reported on Monday that rent increases slowed in June, with the national median asking rent rising year-over-year by 14%. This is the smallest annual increase in rent since October of 2021. Between May and June, rents only increased by 0.7%, the smallest month-over-month gain since the start of the year.
The NFIB’s Small Business Optimism Index Declines for Sixth Consecutive Month in June
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (7-12-22) their NFIB Small Business Optimism Index (SBOI) for June 2022. According to the report, the June SBOI fell below the 48-year average reading of 98 for the sixth consecutive month, to a reading of 89.5 in June.
CME to Launch Mini Lumber Futures in August
CME Group Inc. plans to replace its lumber futures contract with a smaller version that will be deliverable to Chicago rather than Western Canada, following two volatile years that lifted prices to record highs.
U.S. National Interagency Fire Center Wildfire Update for July 11th , 2022 – 19 New Wildfires Reported
The U.S. National Interagency Fire Center (NIFC) reported on Monday (7-11-22) that the total number of large wildfires and complexes currently burning in the U.S. has increased to 73, with more than 2,805,239 acres across 10 different states now ablaze.
Wood Panel Production in Europe Increased 10% in 2021
According to the latest data released by the European Panel Federation (EPF), European wood-based panel production was up 10% in 2021.
Koskisen Sells Russian Wood Processing Facility to Cherepovetsles
Koskisen announced on June 22nd, 2022, that it had sold its wood processing facility, located in Russia to Cherepovetsles.