The Bureau of Labor Statistics reported today that the Producer Price Index for final demand, seasonally adjusted, increased 0.8% in May. This rise followed advances of 0.4% in April, 1.6% in March, 1.1% in February, and 1.2% in January. On an unadjusted basis, final demand prices moved up 10.8% for the 12 months ending in May.
Wood Markets News
Realtor.com Updates its 2022 Home Buying Forecast
Realtor.com has updated its 2022 home buying forecast to better account for rising inflation and mortgage rates. The update predicts that home inventory will grow double-digits above 2021, which in turn will offer buyers a better-than-expected chance of finding a home. The forecast anticipates a summer break from the intense pace of home sales.
The NFIB’s Small Business Optimism Index Sets New Record Low in May 2022
The National Federation of Independent Business reported today their NFIB Small Business Optimism Index (SBOI) for May. According to the report, the May SBOI fell below the 48-year average reading of 98 for the fifth consecutive month to a reading in May of 93.1. That is -0.1 points below the April reading and a new record low for the index.
Canadian Investment in Building Construction Up 2.7% in April 2022
Statistics Canada reported today that investment in building construction rose by 2.7% to $20.9 billion (CAD) in April. Increases were reported in both residential, up 3.2%, and non-residential, up 1.4%. On a constant dollar basis (2012=100), investment in build construction grew 3.5% to $13.0 billion.
USDA Announces Southern Region Wood Innovations and Community Wood Grants Recipients
U.S. Agriculture Secretary Tom Vilsack announced on Friday more than $32 million to fund the 2022 Wood Innovations and Community Wood Grants. These grants hope to expand the use of wood products, expand emerging wood markets, and support active management that will improve forest health and resiliency.
Wood Engineering Technology Reports Construction of Their Second Production Line Is Advancing
Originally announced in June of 2021, work to build the second production line at the state-of-the-art Wood Engineering Technology at Matawhero, New Zealand is advancing. “The building to house all the production equipment is 40 percent complete, and we are starting the installation of the plant equipment over the coming few weeks.”
Canada’s First Office Building Constructed From Cross-Laminated Timber Welcomes New Tenants
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.
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.