Sanctions on Russia will severely limit its ability to participate in international trade, but the impacts to its softwood log and lumber trade are likely to be less affected than other industries.
Wood Markets News
Canfor Completes Purchase of Millar Western Forest Products Ltd.’s Solid Wood Operations
Canfor Corporation announced today (3-1-22) that it has finalized and completed the purchase of Millar Western Forest Product Ltd.’s solid wood operations, which was originally announced on December 16, 2021. Don Kayne, President and CEO, Canfor said, “We are very excited to welcome the employees at the Whitecourt, Fox Creek, and Spruceland facilities to the Canfor team.”
Residential Construction Loan Volume Reaches Post-Great Recession High Levels in Q4 2021
According to data provided by the FDIC, with further analysis provided by the National Association of Home Builders (NAHB), residential construction loan volume during Q4 2021 reached a post-Great Recession high, as home building activity posted gains for the entire year. According to the report, the volume of 1–4-unit residential construction loans made by FDIC-insured institutions increased 1% during Q4 of 2021.
U.S. Construction Spending Up Month-Over-Month and Year-Over-Year in January 2022
On Tuesday (3-1-22), the U.S. Census Bureau reported that total construction spending during January 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,677.2 billion, 1.3% above the revised December estimate of $1,655.8 billion. The January figure is 8.2% above the January 2021 estimate of $1,549.8 billion.
Canadian Real GDP Unchanged in December
Statistics Canada (StatsCan) reported today (3-1-22) that the real gross domestic product (GDP) was virtually unchanged in December, following six consecutive months of growth. Growth in services-producing industries (+0.1%) was offset by a decline in goods-producing industries (-0.1%).
Wisdome Stockholm to be Sweden’s National Museum of Science and Technology Showcase of Climate-Friendly Construction
Sweden’s National Museum of Science and Technology is soon to be home of Wisdome Stockholm, a scientific experience arena located within the museum. Designed by architects Elding Oscarson, the 1,325 square meter building, which features a vaulted roof, will be home to a globe-shaped dome theatre of 21.6 meters in diameter hosting a 3D cinema with a spherical screen.
Newly Listed Homes For Sale Post Smallest Decline Since Mid-November
According to the latest report from Redfin, the Seattle-based, technology-powered real estate firm, during the four weeks ending February 20, 2022, the number of newly listed homes for sale was down “just” -2% year-over-year. That is the smallest decline since mid-November.
Canadian Industrial Product Price Index Edges Higher in January on Softwood Lumber Gains
Statistics Canada reported today that prices of products manufactured in Canada, as measured by the Industrial Product Price Index, rose 0.3% on a monthly basis in January 2022 and were up 16.9% year-over-year. The prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index, increased 6.5% month-over-month.
The “Missing Middle” in Residential Construction
In a recent posting, the National Association of Home Builders (NAHB) has brought to light the “missing middle” in the residential construction sector. The missing middle includes the development of medium-density housing, which includes townhouses, duplexes, and other small multifamily unit properties.
Alberta Renews 20-Year Forest Management Agreement With West Fraser and Tolko Industries in High Prairie and Slave Lake Regions
The Alberta provincial government announced on Wednesday (2-22-22) that it has renewed its 20-year joint forest management agreement (FMA) with West Fraser and Tolko Industries. The FMA covers 245,527 hectares in the Slave Lake and High Prairie Regions in the province.