The Canadian National Railway (CN) confirmed on Wednesday that the International Brotherhood of Electrical Workers (IBEW) has given them a 72-hour notice of if intention to strike (11:00 AM EDT on Saturday, June 18, 2022). The IBEW represents approximately 750 CN signal and communications employees in Canada.
Wood Markets News
Russia’s Invasion of Ukraine Has Timber Prices and Shortages Impacting EU and UK Wood Projects
Russia’s invasion of Ukraine and the sanctions applied by the EU and UK on Russia for that action have European architects and designers struggling to source wood for their projects. In 2021, Russia, Belarus, and Ukraine provided nearly a quarter of the worldwide lumber trade and 53% of the EU’s timber imports.
New Home Mortgage Applications Decline Month-Over-Month and Year-Over-Year in May 2022
The Mortgage Bankers Association reported on Thursday that data from their Builder Application Survey revealed that mortgage applications for new home purchases declined -4% month-over-month and -5% year-over-year in May, reaching a seasonally adjusted annual rate of 727,000 units.
US Structural Plywood Integrity Coalition Asks Federal Court for a Temporary Injunction Against a Brazilian Plywood Certification Provider
The US Structural Plywood Integrity Coalition on Tuesday, June 14, 2022, filed a motion in Federal District Court in Florida for an expedited hearing and temporary injunction against Forestwood Industries Inc. and Association for Laboratory Accreditation Inc (“A2LA”) and their certification of Brazilian manufactured plywood panels.
The Conference Board Reports US Leading Economic Index® Declined in May 2022
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today the Leading Economic Index® (LEI) for the US in May of 2022. According to the report, the LEI for the US declined -0.4%, falling to a reading of 118.3 (2016=100). The decrease follows a -0.4% decline in April.
US Housing Starts and Permits Decline in May 2022; Completions Trend Higher
The US Census Bureau reported on Thursday that privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,549,000; this is -14.4% below the revised April estimate of 1,810,000 and is -3.5% below the May 2021 rate of 1,605,000. Single-family housing starts in May were at a rate of 1,051,000.
Egger Reported to Be Investing in Third Thermally Fused Lamination Lane at Its Lexington, NC, Facility
According to a June 14th report in the Triad Business Journals, Egger Wood Products—the Austria-based maker of wood-based materials, which opened its first US-based laminated plant in Lexington, NC, in 2020 producing particle board and thermally fused laminates (TFL)—is looking to expand at its facility.
Canadian Home Sales Slow Further in May 2022
The Canadian Real Estate Association reported on Tuesdaythat national homes sales recorded over Canadian MLS® Systems declined by -8.6% between April and May. This builds on a larger drop recorded in April, leaving monthly activity at pre-COVID levels recorded in the second half of 2019 and only slightly above the 10-year average.
Sweden’s Setra Now Offering Cross-Laminated Timber Frames With Moisture Protection
Lesprom Network is reportingthat Setra, one of Sweden’s largest wood industry companies, is the first company in Sweden to offer a new moisture protection for frames made from cross-laminated timber. The moisture protection, Wetguard200SA, is manufactured by Siga Cover AG, a Swiss company, and is applied to surfaces such as floor structures.
Mortgage Rates Surge Higher in the Week Ending June 16, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 16, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.78% with an average 0.9 point, up from last week when it averaged 5.23%. This is the largest one week increase since 1987.