The European Commission is proposing a fifth package of sanctions against Russia, Commission President Ursula von der Leyen said on Tuesday (4-5-22). The package would expand sanctions on Russian banks, block Russian vessels from EU ports, ban targeted exports and imports, and prohibit participation of Russian companies in public procurement.
Wood Markets News
Construction Labor Shortage is Nothing New to Residential and Non-Residential Builders
The current labor shortage across the U.S. is nothing new to the construction industry. During the homebuilding boom in the early 2000s, there was a lack of construction workers. The Great Recession and the resulting housing market collapse, which in turn created the foreclosure crisis, caused that shortage to end.
FHA Proposes 40-Year Mortgage Loan Modification Option
The U.S. Department of Housing and Urban Development (HUD) is asking for mortgage industry input on a proposed rule change that it offered late last week, which would change repayment provisions for FHA borrowers. The change would allow lenders to recast a borrower’s total unpaid loan for an additional 120 months.
Canadian Sawmill Production Up Month-Over-Month but Down Year-Over-Year in January 2022
On Friday (4-1-22), Statistics Canada (StatsCan) reported lumber sawmill production for January 2022. Sawmills produced 4,346.3 thousand cubic meters of lumber in January 2022. That is 11.3% above December 2021 production levels but down by 9.4% year-over-year (January 2021 – January 2022).
Canadian Building Permits Increase 21% in February
On Monday (4-4-22), Statistics Canada (StatsCan) reported that the total value of building permits climbed 21.0% in February, with British Columbia leading the way with a 130.2% increase. On a constant dollar basis (2012=100), the total value of building permits increased 22.1% in February.
Brazilian Exports of Wood-Based Products Increased 45% Year-Over-Year in February 2022
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.
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.