On Thursday, the US Department of Commerce issued the final determination on its third administrative review (AR3) of US imports of certain softwood lumber products from Canada. In response, Canada said that it intends to challenge the final determination, including through launching a dispute settlement process under the US-Mexico-Canada trade agreement (USMCA).
Wood Markets News
Domain Timber Advisors Announces Acquisition of 3,400 Acres of Southeast Timberland
Domain Capital Group, LLC, a private investment management services firm, and its subsidiary, Domain Timber Advisors, LLC, announced the acquisition of nearly 3,400 acres of timberland located in middle Georgia and south Alabama, which will further enhance the company’s Southeast portfolio.
Salvaged Logs From the Caldor Wildfire Arriving in Douglas County, NV, for Processing
The Caldor Wildfire burned 346 square miles between August and October 2021. Nine months later, salvaged logs from the Caldor Fire have begun arriving in Douglas County, and they will soon be processed into finish lumber at a sawmill in northern Douglas County.
Chicago Could Have Its First Mass Timber Tower if City Council Approves
Chicago’s first mass timber building, a nine-story apartment tower, is being proposed by developer Sterling Bay. If approved, the $50 million development could lead to widespread use of the building technique, which has become popular in many other North American cities.
US Wood Pellet Exports Increase Month-Over-Month and Year-Over-Year in June 2022
According to data released on Thursday by the US Department of Agriculture’s Foreign Agricultural Service, the US exported 832,092.2 metric tons of wood pellets in June, up month-over-month from May’s 740,605.0 metric tons. It is also up from 603,794.9 metric tons in June 2021.
US Nonfarm Payroll Increases by 528,000 in July; Unemployment Falls to 3.5%
The US Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 528,000 in July, larger than the average monthly gain of 388,000 over the prior 4 months. Total nonfarm employment has increased by 22.0 million since reaching a low in April 2020.
US DOC Issues Final Determination in the Third Administrative Review of US Lumber Imports from Canada
On Thursday, August 4th, the US Department of Commerce (DOC) issued the final determination on its third Administrative Review (AR3) of US imports of certain softwood lumber products from Canada.
Total Value of Canadian Building Permits Decline in June but Were up Overall in Q2 2022
Statistic Canada reported today that the total value of building permits in Canada declined 1.5% in June to $11.9 billion (CAD). The decrease is a result of the non-residential sector dropping 10.4% to $3.7 billion, after posting its second-highest monthly value in May.
Drax Group Announces Purchase of Princeton Pellet Corp. in Princeton, BC
On Wednesday, the Drax Group announced that it has signed an agreement with Princeton Pellet Corp. to acquire its pellet plant located in Princeton, British Columbia, Canada. Terms of the agreement were not disclosed. The plant has the capacity to produce 90,000 metric tons of wood pellets.
Mortgage Rates Continued to Decline in the Week Ending August 4, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 4, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.99% with an average 0.8 point, down from last week when it averaged 5.30%.