The Government of the United Kingdom (UK) has acted to deny access to the Most Favored Nation tariff for hundreds of Russian and Belarus exports, which in turn deprives them of key benefits of WTO membership. A new tariff will impact all wood products currently paying duty—such as plywood or OSB—but will also include non-dutiable products
Wood Markets News
Canadian Consumer Confidence Slips to Its Lowest Level in Over a Year
According to the Bloomberg Nanos Canadian Confidence Index released today (3-28-22), Canadian consumer sentiment tumbled to a reading of 56.3 last week, which is its lowest level in more than a year. Russia’s invasion of Ukraine and surging inflation cloud the economic outlook, weekly polling data suggest.
State Employment and Unemployment Statistics Released for February 2022
Today (3-28-22), the U.S. Bureau of Labor Statistics (BLS) reported State Employment and Unemployment rates for February 2022. According to the BLS, nonfarm payroll employment in February 2022 increased in 27 states and was essentially unchanged in 23 states and the District of Columbia.
Plan to Protect Endangered Wildlife While Allowing Logging to Continue in Oregon’s Forests Advances
The Western Oregon Habitat Conservation plan, which was first developed by the Oregon Department of Forestry (ODF) in 2018, would provide protection for 17 federally listed endangered species while ensuring logging in other parts of the forest to limit the potential of harm to those species.
Pending Homes Sales Decline for Fourth Consecutive Month in February
The National Association of Realtors® (NAR) reported on Friday (3-25-22) that their Pending Homes Sales Index declined -4.1% in February from January to a reading of 104.9. This marks the fourth consecutive month of declines. Contract signings were down in 3 out of 4 regions, with only the Northeast posting a gain.
New Mass Timber Showcase Located in Vancouver, B.C. Scheduled for Substantial Completion in May 2022
A pilot project, whose soft costs are supported in part by Forestry Innovation Investment and Natural Resources Canada, is set for substantial completion by May 2022. The one-of-a-kind light-industrial/commercial building in mid-town Vancouver, B.C. is a four-story, 840-square meter building intended to demonstrate high-performance mass timber construction and design.
Median Mortgage Payment Increased 8.3% Month-Over-Month in February
The Mortgage Bankers Association has developed a new tool which measures how new monthly mortgage payments vary across time—relative to income—using data from MBA’s Weekly Application Survey (WAS). The new index is called the Purchase Applications Payment Index (PAPI).
University of Michigan’s Final Consumer Sentiment Index Declines for March 2022
The University of Michigan today (Friday 3-25-22) released its final Consumer Sentiment Index (CSI) for March. The CSI declined to a reading of 59.4 in March, down from 62.8 in February. This is a month-over-month decrease of -5.4% and down -30.0% year-over-year (84.9 in March 2021).
Spruce Bark Beetle Continues to Eat Through Southcentral Alaska Forests, With Time to Salvage Running Short
The spruce bark beetle is continuing to eat its way through the forests in Southcentral Alaska. According to estimates, over 1.6 million acres are now impacted. Time is quickly running out to salvage any marketable value out of the effected wood.
Mortgage Rates Continued to Climb Higher in the Week Ending March 24, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 24, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.42% with an average 0.8 point, up from last week when it averaged 4.16%. A year ago, at this time, the 30-year FRM averaged 3.17%.