Western Forest Products Inc. reported on Wednesday that its wholly owned subsidiary, WFP Engineered Products LLC, had completed the acquisition of certain assets of Washington-based Calvert Company Inc.
Wood Markets News
Oregon Mass Timber Coalition Receives $41.4 Million in Funding From “Build Back Better Regional Challenge”
With $41.4 million in funding from the federal “Build Back Better Regional Challenge” coming to the Oregon Mass Timber Coalition, a group of university researchers and state agencies in Oregon are seeing the potential of mass timber to help bridge the urban-rural divide.
Blackstone Inc.’s Home Partners of America Division Stopping Home Purchases in Half of Its Markets
In another sign that competition in US real estate markets is cooling, Blackstone Inc. announced that its Home Partners of America Division, the single-family landlord, was ceasing the purchase of homes in nearly half of the 80 markets where it currently operates.
Russia Proposes Limitations on the Import of Furniture From “Unfriendly Countries”
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.”
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.