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.
Wood Markets News
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.”
Group Lebel Announces Construction of $40 Million Wood Pellet Plant in Cacouna, Quebec
Groupe Lebel has announced that it is building a $40 million (CAD) wood pellet plant in Cacouna, Quebec. The new plant will be located nearby to the company’s headquarters in Rivière-du-Loup. The new pellet plant is set to begin operating in 2023, with a maximum capacity of 100,000 tons of pellets per year.
An Increasing Number of Home Sellers Are Dropping Their Prices—Is the Housing Frenzy Starting to Ease?
According to Redfin, the Seattle-based, technology-powered real estate brokerage firm, an increasing number of home-sellers are dropping their prices, yet another sign that the early 2022 housing frenzy is starting to ease as mortgage rates rapidly approach 5%.
WestRock Company to Cease Operations at its Panama City, Florida Mill by June 6, 2022
WestRock Company announced on Thursday (4-7-22) that it intends to permanently cease operations at its Panama City, Florida mill by June 6, 2022. The mill produces containerboard, primarily heavyweight kraft and fluff pulp, and has a combined annual capacity of 645,000 tons.
British Columbia Announces Mass Timber Action Plan, Part of the StrongerBC Economic Plan
On Thursday (4-7-22), Ravi Kahlon, British Columbia’s Minster of Jobs, Economic Recovery, and Innovation, announced B.C.’s Mass Timber Action Plan. The plan comes with $1.2 million (CAD) in funding for four new mass-timber housing and infrastructure projects, as part of the StrongerBC Economic Plan.
Mortgage Credit Availability Declines in March as Lending Standards Tighten
The MCAI declined by -0.7% to a reading of 125.1 in March. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012.
Canadian Employment Increases and Unemployment Edges Lower in March 2022
Statistics Canada (StatsCan) reported today (4-8-22) that total employment rose by 73,000 (+0.4%) in March, driven by an increase of 93,000 (+0.6%) in full-time work. The unemployment rate fell -0.2 percentage points to 5.3% in March, which is the lowest level since comparable data became available in 1976.
B.C. Builders Reconsider the Use of Mass Timber in Construction as Prices Surge Higher
Construction using mass timber remains a viable option and checks several boxes, including environmental, economic, and human resource factors. However, the unpredictable costs associated with mass timber construction, which includes supply chain and logistics issues, has made it a difficult scheme for many builders to embrace.