Izvestia is reporting that the Association of Enterprises of the Furniture and Woodworking Industry of Russia has proposed that the Ministry of Industry and Trade introduce protective duties on the import of furniture, raw materials, or components for its manufacturing from “unfriendly countries.”
Wood Markets News
US National Interagency Fire Center Wildfire Update for September 6, 2022: Preparedness Level Raised to 4
The US National Interagency Fire Center reported on Tuesday that the total number of large wildfires and complexes currently burning in the US has increased to 69, with more than 475,766 acres across 8 different states currently burning. Two new fires were reported.
BC Wildfire Season Well Below Average in 2022, but a Dry September Could Change That
BC Forests Minister Katrine Conroy is reporting that it has been a below-average wildfire season in the province “so far” this year. Conroy noted that 93% of this season’s wildfires have been extinguished or are under control. However, high fire risks are forecast for September.
Brazilian Exports of Wood-Based Products Declined Year-Over-Year in July 2022
According to the International Tropical Timber Organization (ITTO), in July 2022 Brazilian exports of wood-based products (except pulp and paper) declined in value when compared to 2021, falling from US$465.6 million in July 2021 to US$430.8 million in July 2022.
Construction Sector Employment Continued to Grow in August
A closer look at the Bureau of Labor Statistics’ (BLS) August nonfarm payroll employment report shows both residential and non-residential construction industry employment totaled 7.7 million in August, exceeding its February 2020 level. In August, construction employment grew by 16,000 jobs.
For the First Time in 17 Months, the Average Home Sold Below Its List Price
In their latest market report for the 4-week period ending August 28, Redfin is reporting that as the housing market cooldown continues, the average home sold for less than its list price—the first time in over 17-months that selling below list has happened.
US Nonfarm Payroll Increases by 315,000 in August; Unemployment Inches Higher to 3.7%
The US Bureau of Labor Statistics reported that total nonfarm payroll employment increased by 315,000 in August. Nonfarm employment has risen by 5.8 million over the past 12 months. This growth brings total nonfarm employment 240,000 higher than its pre-pandemic level in February 2020.
Impasse Between US Freight Railroads and 9 of 12 Railroad Unions Continues
With 9 out of the 12 railroad unions still in negotiations with the freight railroads on a new labor agreement, and major sticking points over wages and benefits remaining a major hurdle, time is growing short to prevent a nationwide freight railroad strike from starting on September 16.
Total Value of Canadian Building Permits, Both Residential and Nonresidential, Decline in July
Statistics Canada reported today that in July, the total value of building permits in Canada dropped 6.6% to $11.2 billion (CAD), mainly due to declines in the residential sector. On a constant dollar basis (2012), the total value of building permits decreased 4.8% to 6.9 billion.
US Monthly Construction Spending Trends Lower in July 2022
On Thursday, the US Census Bureau reported that total construction spending during July 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,777.3 billion, 0.4% below the revised June estimate of $1,784.3 billion.