A New Brunswick official said on Monday that the government is preparing to increase what it charges forestry companies for timber coming off of Crown-owned lands. The Minister of Natural Resources and Energy Development said New Brunswick’s seven-year-old timber royalties are too low given what’s happened with the price of lumber.
Wood Markets News
Sales of New Single-Family Homes Tumble Month-Over-Month & Year-Over-Year in April
New residential single-family home sales for April 2022 were at a seasonally adjusted annual rate (SAAR) of 591,000, according to estimates. This is -16.6% below the revised March rate of 709,000 and is -26.9% below the April 2021 estimate of 809,000. This marks the fourth consecutive monthly decline of new single-family homes.
Oregon Gov. Brown Signs Into Law Private Forest Accord Package
Oregon Governor Kate Brown signed into law the bipartisan Private Forest Accord. The package is the most comprehensive update to the Forest Practices Act since 1971, establishing new protections for salmon and other sensitive species on over 10 million acres of forestland in Oregon. The proposal seeks to meet federal standards.
AD&C Loan Balances Increase in Q1 of 2022
In Q1 of 2022, residential construction loan volume reached a post-Great Recession high, as home building activity entered a new year with higher interest rates. With the single-family building markets slowing in 2022, it is expected that the volume of such loads will likely peak in the upcoming quarters.
Multifamily Market Survey Moved Lower in Q1 of 2022, Ending Three Consecutive Quarters of Growth
According to the latest results of the National Association of Home Builders’ Multifamily Market Survey (MMS), confidence in the market for new multifamily housing moved lower in Q1 of 2022. The MMS produces two main indices, the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI), both of which were lower.
Allied Timbers Zimbabwe Preparing to Commission Its New $12 Million Sawmill Facility
Zimbabwe’s largest timber producer, Allied Timbers Zimbabwe (ATZ), is preparing to commission its new $12 million (USD) sawmill at the Cashel Estate, located in the eastern highlands. ATZ seeks to become self-sufficient in terms of its planting, harvesting, and sawmilling, which will in turn will boost the company’s revenue inflow.
Inventory of Existing Homes For Sale Down -9% Year-Over-Year in April—Smallest Drop Since March of 2020
According to Redfin, the housing market inventory crunch in April showed signs of easing. The -9% year-over-year decline in homes for sale was the smallest since March of 2020 and the first single-digit drop since the start of the pandemic. Home sales slid -8%, the biggest drop since June 2020. The median home-sale price rose 16% to $424,000.
U.S. National Interagency Fire Center Wildfire Update for May 23, 2022
The NIFC is reporting that one large new wildfire was reported on Sunday (5-22-22) in Texas. Nationally, there are now 14 large wildfires burning over 536,604 acres in seven states. Currently, there are 6,332 personnel dedicated to controlling these fires. Only 5 of the 14 wildfires are being reported as partially contained.
State-Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs in April 2022
A deeper dive into the Bureau of Labor Statistics’ nationwide total nonfarm payroll employment summary for April, with a state-by-state view and a focus on construction, reveals that nonfarm payroll employment increased month-over-month in 41 states and the District of Columbia in April, while 8 states lost jobs and North Dakota reported no change.
Canfor Pulp Products Further Extends Production Curtailment at Taylor Pulp Mill in B.C.
Canfor Pulp Products Inc. announced on Tuesday that it was further extending the production curtailment at their Taylor Pulp Mill in Vancouver. The Taylor mill produces bleached chemi-thermo mechanical pulp, with an annual production capacity of 230,000 tons. The curtailment will “continue for an extended period of time.”