According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported today (3-29-22) that home prices experienced a 19.2% annual gain in January (following a 18.9% annual gain in December, the same as in November, but down from a 19.0% annual gain in October).
Wood Markets News
The Conference Board Reports its Consumer Confidence Index® Improved in March
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (3-29-22) their Consumer Confidence Index® (CCI) for March 2022. The CCI increased slightly in March, after declining in both February and January. The Index now stands at 107.2 (1985=100), up from 105.7 in February.
Job Openings and Labor Turnover Summary Released for February 2022
On Tuesday (3-29-22), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for February 2022. According to the JOLTS report, as of the last day in February, the number of job openings were at 11.3 million or a rate of 7.0%. These are only minor changes from the January report.
Domestic Producers Could Benefit From a Proposed 50% Tariff on Imported Birch Plywood From Russia
Legislation passed last week by the U.S. House of Representatives would end “normal trade relations” with Russia and have a long-lasting trade impact if the proposed 50% tariffs on imports of birch plywood were to be put into effect. If signed into law, the Decorative Hardwoods Association said that this would create challenges for importers and potential opportunities for domestic manufacturers.
UK Government Imposes Additional 35% Import Tariffs on Russian and Belarusian Products
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
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.