On Tuesday, S&P CoreLogic Case-Shiller released its US National Home Price NSA Index for May. The Index, which covers all nine US Census divisions, reported that home prices experienced a 19.7% annual gain in May—down from 20.6% annual gain in April.
Wood Markets News
The Conference Board’s Consumer Confidence Index Drops for Third Consecutive Month in July
The Conference Board released today their Consumer Confidence Index® (CCI) for July 2022. The CCI eroded further in July, marking the third consecutive monthly decline. The Index now stands at 95.7 (1985=100), down 2.7 points from a reading of 98.4 in June.
Prairie Wood Products Sawmill in Grant County, Oregon, Reopens After 13-Year Closure
Closed in 2008 during the Great Recession, and reopened briefly only to close again in 2009, the Prairie Wood Product Sawmill in Grant County, Oregon, reopened in early July 2022 after sitting idle for more than 13-years.
Japan’s Lumber and Panel Prices Continue to Soar, Pulling Up Home Prices
The shortage of lumber and plywood in Japan that began last year has been further aggravated by Russia’s invasion of Ukraine. Russia has ceased exporting some of its lumber to Japan in retaliation for sanctions. Lumber and panel prices in Japan have increased 10-20% in just the last 3 months.
Biden Administration Takes Steps to Reverse Changes to the Endangered Species Act
On Wednesday, the U.S. Fish and Wildlife Service (USF&WS) canceled a policy adopted during the previous administration that weakened its authority to identify lands and waters where declining animal and plants could receive government protection—the latest move to undue changes to the Endangered Species Act.
Icon Architects Reveals Its Design for North America’s Tallest Mass-Timber Building
On Friday, Canadian studio Icon Architects released its design for a 31-story tower in Toronto, that if completed would be the tallest mass-timber structure in North America. According to Icon Architects, the building is planned as a residential tower and will use cross-laminated timber (CLT) as the material for the tower’s floors and for some of its walls.
US National Interagency Fire Center Wildfire Update for July 25, 2022—5 New Wildfires Reported
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US has expanded to 93, with more than 3,116,631 acres across 15 different states currently burning. Five large new wildfires have been reported within the past 24 hours.
State Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs for June 2022: 38 States Increase
A deeper dive into the Bureau of Labor Statistics’ nationwide total nonfarm payroll employment summary for June reveals that nonfarm payroll employment increased month-over-month in 38 states in June compared to the previous month. Nationwide nonfarm payroll increased by 372,000 jobs in June, following a gain of 384,000 jobs in May.
With Wholesale Lumber Prices Down Nearly 50%, Can Lower Retail Lumber Prices Be Far Behind?
Paul Jannke, Principle of Lumber for Forest Economic Advisors, says that consumers may see the price of lumber at the retail store level decline considerably in the coming months. This would be after wholesale prices declined approximately 50% in June.
Economic Uncertainty and Higher Interest Rates to Slow Commercial and Multifamily Lending in Second Half of 2022
According to the updated baseline forecast released by the Mortgage Bankers Association on Wednesday, total commercial and multifamily mortgage borrowing and lending is expected to decline to $733 billion this year, down 18% from 2021 totals of $891 billion.