Russia’s forest fire season, which has been becoming more damaging due to climate change, traditionally lasts throughout the summer. Ryazan region on Monday, declared a state of emergency with fires covering a 9,000-hectare area, causing smog in nearby Moscow.
Wood Markets News
Ireland’s “Project Woodland” Strategy Draws Ire From Irish Tree Farmers
The independent “Project Woodland Regulatory Review Report” was to look into the forestry regulatory system in Ireland and explore whether improvements could be made to the licensing system, while working within the parameters of Irish and EU environmental laws, as well as increase the number of trees being planted.
US National Interagency Fire Center Wildfire Update for August 29, 2022: No 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 been further reduced to 42, with more than 300,226 acres across 9 different states currently burning. In the past 24 hours, no new wildfires have been reported.
Worldwide Wood Pellet Demand Continues to Rise; US and Canada to Increase Production
According to Biomass Magazine, demand for wood pellets continues to skyrocket globally. Tight supplies, the author says, are likely to spur significant investment in new production facilities around the world.
Apartment Construction in US at Highest Level in Five Decades
According to RentCafe, by the end of 2022 there is expected to be 420,000 or more new apartments built in the US. This will mark the first time since 1972 that apartment deliveries have exceeded 400,000 units.
New Listings of Homes For Sale Dropped 15% Year-Over-Year in 4-Week Period Ending August 21, 2022
Redfin reported on Thursday that in the four-week period ending August 21st, new listings of homes fell 15% year-over-year. This marks the largest annual decline since the start of the COVID-19 pandemic.
Inflation Continues to Impact Personal Income and Outlays in July
Personal income increased $47.0 billion, or 0.2%, in July. Disposable personal income increased $37.6 billion, or 0.2%, in July. Personal consumption expenditures increased $23.7 billion, or 0.1%, in July.
University of Michigan Final Consumer Sentiment Index Rises for August 2022
The University of Michigan’s Index of Consumer Sentiment increased to a reading of 58.2 in August, up from its reading of 51.5 in July. This is a month-over-month increase of 13.0% but down 17.2% year-over-year (70.3 in August 2021).
Rosboro Company Announces Temporary Production Reduction at Its Springfield, Oregon, Stud Mill
Citing soft markets for framing lumber and elevated costs for raw materials, Oregon-based Rosboro Company announced today that it was temporarily reducing production, effective immediately, at its Springfield stud lumber mill.
BEA Reports Real GDP in Q2 2022 Decreased at an Annual Rate of 0.6% In Its “Second Estimate”
The Bureau of Economic Analysis released today its “second estimate” for Q2 2022 real GDP. According to the report, GDP decreased at an annual rate of 0.6% in Q2 2022. The decline follows -1.6% in Q1 2022.