Statistics Canada (StatsCan) reported today (6-22-22) that Canadians continued to feel the pinch of increasing prices in May, as consumer inflation rose 7.7% year-over-year. This is the largest yearly jump since January 1983 and is up from April’s 6.8% increase.
Wood Markets News
CN–IBEW Strike in Canada Enters Its Third Day; Two Other Contract Negotiations Loom
A strike at Canadian National Railway (CN), which began on Saturday, June 18 at 11:00 AM EDT by approximately 750 members of the International Brotherhood of Electrical Workers (IBEW), entered its third day on Tuesday with no signs of a settlement in sight. According to CN, despite the disruption, its daily operations will not be impacted.
UPM Announces Sale of Steyrermühl Site to the HEINZEL GROUP
UPM announced on Tuesday that it has entered into an agreement to sell 100% of the share in its Austrian subsidiary, UPM Kymmene-Austria GmbH, to the HEINZEL GROUP, a leading pulp, packaging, and paper producer and trader in Central and Eastern Europe. The parties have agreed not to disclose the value of the deal.
Sanctions on Russia for Its Invasion of Ukraine Set to Negatively Impact Australia’s Construction Industry
With supplies of key laminated veneered lumber (LVL) and engineered wood products (EWPs) imported from Russia and Belarus, which accounted for 40-50% of these construction products, no longer available due to sanctions, Australia’s tight timber markets are now facing a severe shortfall of products.
Existing Homes Sales Decline Month-Over-Month and Year-Over-Year in May 2022
The National Association of Realtors® reported on Tuesday that total existing home sales declined in three out of the four reporting regions in May, falling by -3.4% from April to a seasonally adjusted rate of 5.41 million homes. This marks the fourth consecutive month of declining sales.
US National Interagency Fire Center Wildfire Update for June 21, 2022: Hot & Dry Conditions Continue to Increase Wildfire Danger Throughout the US
The US National Interagency Fire Center reported on Tuesday that 5 large new fires were reported yesterday: 3 in Alaska and 1 each in Florida and North Carolina. That increases the total number of wildfires currently burning throughout the US to 38, with more than 1,726,992 acres in nine states now burning.
Home Sales Decline 3% Month-Over-Month in May as Mortgage Rates Climb Higher
Redfin is reporting the housing market cooled considerably in May as mortgage rates climbed to their highest levels since 2009. Seasonally adjusted, home sales fell -3% month over month–their only May decline on record outside of 2020, when the start of the pandemic sent shockwaves through the market.
US to Add $103 Million to Support Wildfire Reduction and Burned-Area Rehabilitation
US Secretary of the Interior Deb Haaland announced that the U.S. will be adding $103 million this year for wildfire risk reduction and burned-area rehabilitation throughout the country. The same funding will also pay for the establishment of an interagency wildland firefighter health and well-being program.
BC River Flood Stage Could Last for Several More Weeks
Experts say that while British Columbia has reached the peak of the springtime snowmelt, the danger of flooding will persist for weeks. This is the result of record snowfall in the mountains and a forecast of a quickly changing weather pattern, to hotter and drier, in the weeks ahead.
Fannie Mae’s Economic and Strategic Research Group Lowers Its Expectations for Economic Growth and Home Sales in 2022
According to the June 2022 commentary from Fannie Mae’s Economic and Strategic Research (ESR) Group, higher interest rates and elevated inflation are expected to continue to weigh on economic growth and home sales as the year progresses. As a result, the ESR has reduced its full-year 2022 growth forecast to 1.2%.