The Cossette family, a well-known Québec-based forestry family, which has operated Montreal-headquartered Forex since 1957, announced on Monday (4-11-22) that it was investing $180 million (CAD) to restart a shuttered OSB plant in Northern Ontario and hire approximately 140 people to staff it.
Wood Markets News
Ontario’s Government Promotes Forest By-Products to Generate Jobs and Clean Energy
A five-year plan to strengthen Ontario’s forest industry by expanding biomass projects that turn waste wood into energy and other useful projects has been announced by the provincial government. The plan is designed to open new markets, increase demand for bioenergy, and support Indigenous involvement in the biomass industry.
Consumer Price Index Increases 1.2% Month-Over-Month and 8.5% Year-Over-Year in March 2022
The U.S. Bureau of Labor Statistics (BLS) reported on Tuesday (4-12-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 1.2% in March. This follows an 0.8% increase in February and a 0.5% in January. The all-items index continued to accelerate, rising 8.5% for the 12 months ending March.
Sterling Structural Providing Accessible CLT Solutions to the Construction Market
Sterling announced on Monday (4-11-22) that it is entering into the construction market. Sterling’s new business unit, Sterling Structural, will offer its TerraLam® CLT product lines as a scalable, sustainable, and affordable floor/roof solution for buildings that are compatible with a range of structural building materials.
The NFIB’s Small Business Optimism Index Declines for Third Consecutive Month in March 2022
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (4-12-22) that their NFIB Small Business Optimism Index decreased by -2.4 points to a reading of 93.2, the third consecutive month below the 48-year average of 98.
EU Adopts Fifth Round of Sanctions, Effectively Halting Russian Wood Exports to the EU
On Friday (4-8-22), the European Union (EU) adopted its fifth round of sanctions over Russia’s invasion of Ukraine. The new sanctions include import bans on wood, cement, fertilizers, seafood, and liquor. The new round of sanctions will effectively halt Russian wood exports to EU countries.
Fannie Mae’s Home Purchase Sentiment Index® for March Indicates Consumer Pessimism Toward Home Buying Has Grown
Fannie Mae on Thursday (4-7-22) reported its Home Purchase Sentiment Index® (HPSI) for March. According to the HPSI, consumer home purchasing sentiment declined by 2.1 points in March to a reading of 73.2. Year-over-year, the HPSI is down 8.2 points. On net, the “Good Time to Buy” component set a new survey low.
California Preparing for Another Significant Wildfire Season
After an extremely dry winter, which left water levels low and vegetation dried out, much of the State of California is already in wildfire season. Fire experts says that with increasing winds and hot temperatures forecasted to start this week, and no rain or snow expected in the near term, wildfire conditions are not likely to get any better.
Home Prices Climb 11.3% Between January and February 2022
Home prices climbed nationally from the end of January 2022 to February 2022 at an annualized rate of 11.3%. In February, home prices across the U.S. rose at a slower pace than in January but continued to appreciate at higher rates compared to the same time last year.
EU Provides Questions and Answers on its Fifth Round of Restrictive Measures Against Russia
The EU has provided additional background information, via a set of questions and answers, explaining its imposition of a fifth round of restrictive measures on Friday (4-8-22) against Russia for their invasion of Ukraine. “The European Commission is fully committed to assisting [Member States] and ensuring a consistent implementation.”