On Friday (6-10-22), Natural Resources Canada announced the official occupancy of oN5, located in downtown Vancouver. oN5 is the first office building in Canada constructed using high-performance cross-laminated timber (CLT) panels. The top three stories of this four-story office building are constructed completely out of CLT.
Wood Markets News
Homebuyer Budgets Flatten—Slowest Rate of Growth Since June 2020
According to new analysis from Redfin, the Seattle-based, technology-powered real estate brokerage firm, homebuyer budgets are essentially flat from last year, up only 0.3% year-over-year in for the 3-month period ending April 30, 2022. That is slowest rate of growth since June of 2020.
U.S. National Interagency Fire Center Wildfire Update for June 13, 2022, Shows Wildfire Danger Remains High
The U.S. National Interagency Fire Center reported on Monday that 5 large new fires were reported yesterday, 2 each in Alaska and Arizona and 1 in California. That increases the total number of wildfires currently burning throughout the U.S. to 33, with more than 1,089,844 acres in five states now burning.
Boise Cascade Announces Agreement to Acquire Coastal Plywood Company
Boise Cascade Company, a leading producer of engineered wood products and plywood in North America, announced today that it has reached an agreement to acquire Coastal Plywood Company, including its two manufacturing facilities, from Coastal Forest Resources Company for $512 million.
Number of Construction Workers Must Increase to Keep Up With Current Building Sector Demand
In the latest report from the Washington, D.C.-based nonprofit Home Builders Institute (HBI), the number of construction workers needed to keep up with the current building sector demand is approximately 740,000 per year. The HBI estimates the industry will need more than 61,000 net hires a month to fill vacant positions.
Consumer Price Index Increases 1.0% Month-Over-Month and 8.6% Year-Over-Year in May 2022
The U.S. Bureau of Labor Statistics reported on Friday that the Consumer Price Index for All Urban Consumers increased 1.0% in May on a seasonally adjusted basis. This follows increases of 0.3% in April, 1.2% in March, and 0.8% in February. Over the past 12 months, the all-item index has increased 8.6% before seasonal adjustment.
UK Residential Homebuilding Being Impacted by Inflation and Declining Consumer Confidence
In May, the UK experienced the slowest rise in residential homebuilding in the past two years, the result of declining consumer confidence and skyrocketing inflation. The construction purchasing managers’ index, compiled by CIPS and S&P Global, found that housebuilding activity fell to a figure of 50.7 in May, from 53.8 in April.
Canadian Employment Increases, While Unemployment Sets New Record Low in May 2022
Statistics Canada reported today that employment rose by 40,000 (+0.2%) in May, after pausing in April. Since May 2021, when the labor market was impacted by the third wave of the pandemic, total employment has increased by 1.1 million (+5.7%). And as of May 2022, employment was 497,000 (+2.6%) above its pre-pandemic level.
University of Michigan Preliminary Consumer Sentiment Index Released for June 2022
On Friday, the University of Michigan released its Preliminary Consumer Sentiment Index for June. The Index of Consumer Sentiment dropped to a reading of 50.2 in June, down from May’s reading of 58.4, This is a month-over-month decrease of -14.0% and down -41.3% year-over-year (85.5 in June 2021).
ABIMCI States the Permanent Injunction Against PFS-TECO Does Not Cover Product Certified on or Before May 31, 2022
The permanent injunction agreed to by the US Structural Plywood Integrity Coalition and PFS-TECO and signed by a US federal district judge in Florida on May 23, 2022, did not prohibit, limit, or restrict the sale and/or use of plywood panels produced and stamped with the PFS-TECO PS-1 certification until after May 31, 2022.