According to the International Tropical Timber Organization (ITTO), the value of Brazilian exports of wood-based products in February 2022 (excluding pulp and paper) increased 45% in value compared to February 2021 (from US$284.8 million to US$413.9 million). Pine sawnwood exports grew 48% in value year-over-year.
Wood Markets News
China’s Evergrande Group Says Work Has Resumed at 95% Of Its Projects
The Pearl River Delta business unit of China’s Evergrande Group announced in a posting on Saturday (4-2-22) via the developer’s official WeChat site that construction work has resumed at 95% of Evergrande’s projects across the country as of late March. The post says that work has resumed at 734 developments in all of China.
Americans Still Want to Own a Home Despite Rising Prices and Mortgage Rates, Survey Says
According to a survey between March 1-4, 2022, housing prices are still soaring. The growth seen by the typical single-family home over the past two years has been scorching and surprisingly consistent. At some point, something must give way, and it seems that affordability has been the first to fall.
BC Provincial Government Announces Harvest Deferrals on 1.7 Million Hectares
The BC government announced harvest deferrals on 1.7 million hectares of timberland in the province. In November 2021, the Province announced it would engage with First Nations rights and titleholders to find agreement on deferring harvest of old growth forests. The B.C. Government is reporting that it has received responses from 188 out of the 204 First Nations in the province.
Western Oregon State Forests Habitat Conservation Plan Released
The Habitat Conservation Plan for state forests in Western Oregon has been released for public comment. The plan is designed to protect critical habitat for 17 threatened species and includes wider no-logging zones near waterways and prohibits or limits harvesting near nesting and foraging grounds for threatened birds.
Updated Canadian Building Codes Allow for Mass Timber Construction up to 12 Stories
Canada released an updated set of model construction codes that will make Canadian homes and buildings “safer and more accessible while responding to climate change.” This is according to Kevin Griffiths, Chair of the Canadian Commission on Building and Fire Codes (CCBFC). The update includes allowing mass timber construction up to 12-stories tall.
Canfor Addresses Local Residents Concerns Regarding Outbound Log Movement from Houston, B.C. Sawmill
Canfor Corporation has addressed Houston, B.C. residents’ concerns over timber being moved from the Canfor Houston sawmill to the Canfor Plateau sawmill located in Vanderhoof. According to Canfor, the reason for the movement of logs from one facility to another is due to a shortage of logs at the Plateau mill.
Increasing Home Prices and Mortgage Rates Move Would-Be Homebuyers to the Sidelines
In a new report released on Thursday (3-31-22), Redfin, the Seattle-based, technology-powered real estate company, reported that mortgage rates continue to rise at the fastest pace in history. As a result, the typical monthly mortgage payment for a homebuyer has increased more than $500 since the start of 2022.
Construction Spending Increases Month-Over-Month and Year-Over-Year in February 2022
On Friday (4-1-22), the U.S. Census Bureau reported that total construction spending during February 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,704.4 billion, 0.5% above the revised January estimate of $1,695.5 billion. The February figure is 11.2% above the February 2021 estimate of $1,533.3 billion.
U.S. Nonfarm Payroll Increases by 431,000 in March; Unemployment Declines to 3.6%
The U.S. Bureau of Labor Statistics (BLS) reported today (4-1-22) that total nonfarm payroll employment increased by 431,000 in March, following revised increases of 750,000 in February and 504,000 in January. In 2022 Q1, job growth averaged 562,000, the same average monthly gain as seen in 2021 Q1.