That week’s price is down by $33, or eight per cent from one month ago when it was $413 mfbm. Compared to the same week last year, when it was $480 mfbm, that week’s price is down by $100, or 21 per cent. Compared to two years ago when it was $630 mfbm, that week’s price is down by $250 or 40 per cent.

In the week ending October 27, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was $435 mfbm. This is down by $20, or four per cent from the previous week when it was $455.

That week’s price is down by $80, or 16 per cent from one month ago when it was $515 mfbm. Compared to the same week last year, when it was $465 mfbm, that week’s price is down by $30, or six per cent. Compared to two years ago when it was $735 mfbm, that week’s price is down by $300, or 41 per cent.

That week’s price is down by $39 or nine per cent from one month ago when it was $413 mfbm.

Compared to the same week last year, when it was $445 mfbm, that week’s price is down by $71, or 16 per cent. Compared to two years ago when it was $595 mfbm, that week’s price is down by $221 or 37 per cent.

In the week ending October 20, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was $455 mfbm. This is down by $25, or five per cent from the previous week when it was $480.

That week’s price is down by $60, or 12 per cent, from one month ago when it was $515 mfbm.

Compared to the same week last year, when it was US$495 mfbm, that week’s price is down by $40, or eight per cent. Compared to two years ago when it was $680 mfbm, that week’s price is down by $225, or 33 per cent.

The history of the Canadian sawmilling industry has developed quite differently in British Columbia compared to the rest of the country. During much of the period from 2000 to 2016, BC production was close to 50 per cent of Canada’s total output. Following the pine-beetle infestation in the province, harvest levels declined, and the lumber sector was forced to downsize. While sawmills continued to produce about 25 million m3 annually in the eastern provinces to supply the strong US market, production in the west coast province fell from 23 million m3 in 2016 to only 13 million m3 in 2022 (see chart). This downward trend continued in the 1Q/23 when lumber shipments were down 20 per cent y-o-y, while they held steady in the rest of the country.

The outlook for tighter lumber supply in North America could strengthen lumber prices in the US in the second half of 2023 and create opportunities to ramp up sawmill production levels somewhat, particularly in British Columbia. However, there may be constraints in the availability of sawlogs because of limitations in accessing the provincial forests during the fire season.

The U.S. relies on about 30 per cent of imported lumber to meet the country’s wood consumption. Historically, Canadian sawmills have supplied 90-97 per cent of the import volume, but in recent years the flow from Canada has declined because of the reduced production in British Columbia. On the other hand, European sawmills have increased their market shares to about 15 per cent in 2023, up from just a few percent five years ago. With limited opportunities for Canada to increase lumber production, European sawmills will likely remain essential suppliers for the US wood market in the coming decade.

That week’s price is down by $17, or four per cent, from one month ago when it was US$417 mfbm.
Compared to the same week last year, when it was US$510 mfbm, that week’s price is down by $110, or 22 per cent. Compared to two years ago when it was US$480 mfbm, that week’s price is down by $64 or 13 per cent.

In the week ending September 29, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$530 mfbm. This is down by $5, or one per cent, from the previous week when it was $535.

That week’s price is down by $108, or 20 per cent, from one month ago when it was US$422 mfbm.
Compared to the same week last year, when it was US$565 mfbm, that week’s price is down by $35, or six per cent. Compared to two years ago when it was US$575 mfbm, that week’s price is down by $45, or eight per cent.

Housing starts saw strong year-over-year growth, with a 14.8 per cent increase compared to September 2022 (seasonally unadjusted). There was also an increase of 1.6 per cent from January to September 2023, compared to the same time last year. This places Saskatchewan second among the provinces year-to-date. A total of 256 housing units were started in September 2023.

“Today in Saskatchewan, we see a thriving economy which inspires people to call this province home,” Trade and Export Development Minister Jeremy Harrison said. “Housing starts indicate just how many families are choosing to build their futures in our province. This growth is what allows us to continue protecting communities and building opportunities for the people of this province.”

Housing starts indicate the number of new housing builds where construction has begun.

These numbers show Saskatchewan continuing to build on 2022’s record-breaking year. Earlier this week, wholesale trade led the country, up 12.4 per cent in August 2023 from July 2023. Last week building permits led the country, and were up 59.0 per cent in August 2023 compared to August 2022. Exports to the United States hit a record $29.3 billion last year. The province’s GDP growth was the highest in Canada as well, up 5.7 per cent from 2021 to 2022.

Overall housing starts increased seven per cent in September to a seasonally adjusted annual rate of 1.36 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The September reading of 1.36 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 3.2 per cent to a 963,000 seasonally adjusted annual rate. However, single-family starts are 12.8 per cent lower year-to-date due to higher interest rates. The multifamily sector, which includes apartment buildings and condos, increased 17.6 per cent to an annualized 395,000 pace.

“The uptick in single-family production was somewhat unexpected as our latest builder surveys indicate that starts are likely to weaken in the months ahead due to recent higher mortgage rates that were near 7.6 per cent in mid-October,” said Alicia Huey, chairman of the National Association of Home Builders (NAHB) and a custom home builder and developer from Birmingham, Ala. “Meanwhile, builders also continue to face persistent labor shortages, a lack of buildable lots and higher financing costs for acquisition and development loans.”

“Despite ongoing challenges in the market, the housing deficit of resale inventory continues to provide some market support for builders,” said NAHB chief economist Robert Dietz. “Because of a lack of existing homes in the marketplace, 31 per cent of homes available for sale in August were new construction. This compares with a historical average in the 12-14 per cent range. But in another sign that higher interest rates have slowed the market, the number of single-family homes under construction in September was 674,000, which is almost 15 per cent lower than a year ago.”

On a regional and year-to-date basis, combined single-family and multifamily starts are 23.3 per cent lower in the Northeast, 12.9 per cent lower in the Midwest, 7.8 per cent lower in the South and 16.9 per cent lower in the West.

Overall permits decreased 4.4 per cent to a 1.47 million unit annualized rate in September. Single-family permits increased 1.8 per cent to a 965,000 unit rate. Single-family permits are down 13.4 per cent year-to-date. Multifamily permits decreased 14.3 per cent to an annualized 508,000 pace.

Looking at regional permit data on a year-to-date basis, permits are 22.3 per cent lower in the Northeast, 16.6 per cent lower in the Midwest, 12.7 per cent lower in the South and 17.6 per cent lower in the West.

The number of apartments under construction is near 1 million units and will be falling in the months ahead.

The new AAC for the Lillooet TSA is 375,000 cubic metres. This is a 34 per cent reduction from the previous AAC, while remaining nine per cent above 2016-2021 harvesting levels. The change brings the AAC in line with recent harvesting levels; supports old growth management areas, riparian areas, and wildlife habitat areas; and accounts for First Nations cultural heritage resources and practices.

Within this AAC, there are two partitions specified that support sustainable use of timber resources: a maximum of 300,000 cubic metres from live trees; and a maximum of 180,000 cubic metres from live trees where the ground is sloped less than 40 per cent to ensure the sustainable harvest of areas with easier access.

As well, to encourage the continued harvest of trees killed by the mountain pine beetle outbreak, the ongoing spruce bark beetle outbreak and by wildfire, the chief forester added 75,000 cubic metres from dead trees to the AAC.

Prior to creating the AAC determination, the chief forester met separately with representatives from First Nations, tenure holders and local governments. The determination considers interests identified by First Nations, including the protection of cultural heritage resources for cultural survival and the impact of climate change on water, berry gathering and sustenance hunting. The Lillooet TSA overlaps the territory of four First Nations: St’at’imc, Nlaka’pamux, Secwepemc and Tsilhqot’in.

The chief forester’s AAC determination is an independent professional judgment based on information ranging from technical forestry reports, First Nations consultations and public input to the government’s social and economic objectives.

Under the Forest Act, the chief forester must determine the AAC in each of the province’s 37 timber supply areas and 33 tree farm licences at least once every 10 years. The new AAC for the Lillooet TSA takes effect immediately.

Compared to the same week last year, when it was US$520 mfbm, that week’s price is down by $104, or 20 per cent. Compared to two years ago when it was US$480 mfbm, that week’s price is down by $64 or 13 per cent.

In the week ending Sept. 22, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$535 mfbm. This is up by $20, or four per cent from the previous week when it was $515.

That week’s price is up by $113, or 27 per cent from one month ago when it was US$422 mfbm.
Compared to the same week last year, when it was US$620 mfbm, that week’s price is down by $85, or 14 per cent. Compared to two years ago when it was US$535 mfbm, that week’s price is flat.

Compared to the same week last year, when it was US$520 mfbm, that week’s price is down by $110, or 21 per cent. Compared to two years ago when it was US$480 mfbm, that week’s price is down by $70 or 15 per cent.

In the week ending Sept. 15, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$515 mfbm. This is up by $35, or seven per cent, from the previous week when it was $480. That week’s price is up by $93, or seven per cent, from one month ago when it was US$422 mfbm.

Compared to the same week last year, when it was US$655 mfbm, that week’s price is down by $140, or 21 per cent. Compared to two years ago when it was US$525 mfbm, that week’s price is down by $10 or two per cent.

Led by a sharp decline in multifamily production, overall housing starts fell 11.3% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The August reading of 1.28 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts decreased 4.3 per cent to a 941,000 seasonally adjusted annual rate. Single-family starts are 2.4 per cent higher than a year ago. The multifamily sector, which includes apartment buildings and condos, decreased 26.3 per cent to an annualized 342,000 pace.

“High mortgage rates above seven per cent combined with low resale inventory and higher home prices are slowing housing production, as many first-time home buyers and younger households are struggling to purchase an affordable home,” said Alicia Huey, chairman of the National Association of Home Builders (NAHB) and a custom home builder and developer from Birmingham, Ala. “With high mortgage rates sending buyers to the sidelines, and a nationwide shortage of 1.5 million units, we need to increase the housing supply to get this market back into balance to meet the pent-up demand for when market conditions improve.”

“Despite higher demand for new construction stemming from a lack of resale inventory, home builders are feeling pessimistic about the housing market because of elevated mortgage rates hovering above seven per cent,” said Danushka Nanayakkara-Skillington, NAHB’s assistant vice president for forecasting and analysis. “Unfortunately, we expect mortgage rates to remain at higher levels as the Federal Reserve is likely to increase rates one more time later this quarter.”

The number of single-family units under construction is down 16.3 per cent compared to a year ago at 676,000. Meanwhile, the number of apartments under construction increased to 1.01 million.

On a regional and year-to-date basis, combined single-family and multifamily starts are 22.8 per cent lower in the Northeast, 13.6% lower in the Midwest, 8.8% lower in the South and 16.5 per cent lower in the West.

Overall permits increased 6.9 per cent to a 1.54 million unit annualized rate in August. Single-family permits increased two per cent to a 949,000 unit rate. Single-family permits are also up 7.2 per cent compared to a year ago. Multifamily permits increased 15.8 per cent to an annualized 594,000 pace.

Looking at regional permit data on a year-to-date basis, permits are 22.9 per cent lower in the Northeast, 17.2 per cent lower in the Midwest, 13.3 per cent lower in the South and 18.2 per cent lower in the West.

Compared to the same week last year, when it was US$554 mfbm, that week’s price is down by $134, or 24 per cent. Compared to two years ago when it was US$430 mfbm, that week’s price is down by $10 or two per cent.

In the week ending September 1, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$445 mfbm. This is up by $22, or five per cent from the previous week when it was $423.

That week’s price is up by $23, or six per cent, from one month ago when it was US$422 mfbm. Compared to the same week last year, when it was US$700 mfbm, that week’s price is down by $255, or 36 per cent. Compared to two years ago when it was US$520 mfbm, that week’s price is down by $75 or 14 per cent.

That week’s price is down by $35, or eight per cent, from one month ago when it was US$455 mfbm. Compared to the same week last year, when it was US$624 mfbm, that week’s price is down by $204, or 33 per cent. Compared to two years ago when it was US$390 mfbm, that week’s price is up by $30 or eight per cent.

In the week ending August 25, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$423 mfbm. This is up by $13, or three per cent, from the previous week when it was $410.

That week’s price is up by $4, or one per cent, from one month ago when it was US$420 mfbm. Compared to the same week last year, when it was US$800 mfbm, that week’s price is down by $377, or 47 per cent. Compared to two years ago when it was US$525 mfbm, that week’s price is down by $102 or 19 per cent.

That week’s price is down by $45, or 10 per cent, from one month ago when it was US$455 mfbm.
Compared to the same week last year, when it was US$624 mfbm, that week’s price is down by $214, or 34 per cent. Compared to two years ago when it was US$439 mfbm, that week’s price is down by $29 or seven per cent.

In the week ending August 18, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$410 mfbm. This is down by $5, or one per cent, from the previous week when it was $415.

That week’s price is down by $10, or two per cent, from one month ago when it was US$420 mfbm.
Compared to the same week last year, when it was US$815 mfbm, that week’s price is down by $405, or 50 per cent. Compared to two years ago when it was US$525 mfbm, that week’s price is down by $115 or 22 per cent.

That week’s price is down by $58, or 13 per cent, from one month ago when it was US$455 mfbm.

Compared to the same week last year, when it was US$610 mfbm, that week’s price is down by $213, or 35 per cent. Compared to two years ago when it was US$539 mfbm, that week’s price is down by $142 or 26 per cent.

In the week ending August 11, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$415 mfbm. This is flat from the previous week.

That week’s price is down by $5, or one per cent, from one month ago when it was US$420 mfbm.

Compared to the same week last year, when it was US$805 mfbm, that week’s price is down by $390, or 49 per cent. Compared to two years ago when it was US$515 mfbm, that week’s price is down by $100 or 19 per cent.

According to second quarter 2023 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area declined to 2,191 square feet, the lowest reading since the end of 2010. Average (mean) square footage for new single-family homes fell to 2,415 square feet.

Since Great Recession lows (and on a one-year moving average basis), the average size of a new single-family home is now 3% higher at 2,465 square feet, while the median size is 6% higher at 2,234 square feet.

Home size rose from 2009 to 2015 as entry-level new construction lost market share. Home size declined between 2016 and 2020 as more starter homes were developed. After a brief increase during the post-covid building boom, home size is trending lower and will likely do so as housing affordability remains constrained.

“Despite a decrease in the SAAR of housing starts relative to last month, July saw a healthy number of actual housings starts from a historical perspective. This pushed the trend of housing starts upward for the second consecutive month. Market intelligence suggests multi-unit projects started in June and July were likely financed a few months prior, so, the effect of the most recent interest rate hikes on housing starts remains to be seen,” said Bob Dugan, CMHC’s chief economist.

The standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada decreased 10 per cent in July (254,966 units) compared to June (283,498 units), which was the strongest month so far this year. Despite the monthly drop, total SAAR housing starts for all areas in Canada was 7.4 per cent above the 5-year average.

The monthly SAAR of total urban starts (centres 10,000 population and over) decreased by 11 per cent, with 234,857 units recorded in July. Multi-unit urban starts decreased 12 per cent to 193,446 units, while single-detached urban starts decreased four per cent to 41,411 units.

The Vancouver and Toronto CMAs saw decreases in total SAAR housing starts in July, with Vancouver down 23 per cent, and Toronto down 29 per cent. In contrast, the Montreal, Calgary, and Edmonton CMAs recorded respective increases of 12 per cent, 33 per cent, and 67 per cent in total SAAR housing starts.

The rural starts monthly SAAR estimate was 20,109 units.

Builder confidence in the market for newly built single-family homes in August fell six points to 50, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). But while this latest confidence reading is a reminder that housing affordability is an ongoing challenge, demand for new construction continues to be supported by a lack of resale inventory, as many home owners elect to stay put because they are locked in at a low mortgage rate.

Declining customer traffic is a reminder of the larger challenge that shelter inflation is up 7.7 per cent from a year ago and accounted for a striking 90 per cent of the July Consumer Price Index reading of 3.2 per cent. The best way to bring housing inflation down and ease the housing affordability crisis is to enact policies at all levels of government that will allow builders to construct more homes to address a nationwide shortfall of approximately 1.5 million housing units.

The August HMI survey also revealed that rising mortgage rates are causing more builders to use sales incentives to attract home buyers. After dropping steadily for four months (from 31 per cent in March to 22 per cent in July), the share of builders cutting prices to bolster sales rose again to 25 per cent in August. The average decline for builders reducing prices remained at six per cent. And the share of builders using incentives to bolster sales was 55 per cent in August, higher than in July (52 per cent) but still lower than in December 2022 (62 per cent).

Derived from a monthly survey that NAHB has been conducting for more than 35 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three major HMI indices posted declines in August. The HMI index gauging current sales conditions fell five points to 57, the component charting sales expectations in the next six months declined four points to 55, and the gauge measuring traffic of prospective buyers dropped six points to 34.

Looking at the three-month moving averages for regional HMI scores, the Northeast increased four points to 56, the Midwest and South were both unchanged at 45 and 58, respectively, and the West edged down a single point to 50.

The HMI tables can be found at nahb.org/hmi.

That week’s price is down by $29, or six per cent, from one month ago when it was US$455 mfbm.
Compared to the same week last year, when it was US$610 mfbm, that week’s price is down by $184, or 30 per cent. Compared to two years ago when it was US$539 mfbm, that week’s price is down by $113 or 21 per cent.

In the week ending August 4, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$415 mfbm. This is down by $10, or two per cent, from the previous week when it was $425.

That week’s price is down by $5, or one per cent, from one month ago when it was US$420 mfbm.
Compared to the same week last year, when it was US$805 mfbm, that week’s price is down by $390, or 49 per cent. Compared to two years ago when it was US$515 mfbm, that week’s price is down by $100 or 19 per cent.

That week’s price is up by $68, or 17 per cent, from one month ago when it was US$390 mfbm.

Compared to the same week last year, when it was US$684 mfbm, that week’s price is down by $226, or 33 per cent. Compared to two years ago when it was US$500 mfbm, that week’s price is down by $42 or eight per cent.

In the week ending July 28, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$425 mfbm. This is flat from the previous week.

That week’s price is up by $8, or two per cent, from one month ago when it was US$417 mfbm. Compared to the same week last year, when it was US$765 mfbm, that week’s price is down by $340, or 44 per cent. Compared to two years ago when it was US$492 mfbm, that week’s price is down by $67 or 14 per cent.

That week’s price is up by $68, or 17 per cent, from one month ago when it was US$390 mfbm.
Compared to the same week last year, when it was US$664 mfbm, that week’s price is down by $206, or 31 per cent. Compared to two years ago when it was US$555 mfbm, that week’s price is down by $97 or 17 per cent.

In the week ending July 21, 2023, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$425 mfbm. This is up by $7 or two per cent compared to the previous week when it was US$418 mfbm.

That week’s price is up by $8, or two per cent from one month ago when it was US$417 mfbm.
Compared to the same week last year, when it was US$725 mfbm, that week’s price is down by $300, or 41 per cent. Compared to two years ago when it was US$510 mfbm, that week’s price is down by $85 or 17 per cent.

“The softwood lumber trade cases help offset Canadian lumber subsidies and dumping, allowing U.S. lumber manufacturers to compete in a fair market, invest in their businesses, and supply more U.S. lumber milled by U.S. workers to build U.S. homes,” said Andrew Miller, chairman of the U.S. Lumber Coalition and CEO of Stimson Lumber.

In a statement, the coalition said the U.S. lumber industry established its right to the imposition of antidumping and countervailing duties “in the face of unfair competition from Canada in 2017”, and that the industry continues to vigorously defend the existence and enforcement of those duties in all appropriate fora.

“Continued full enforcement of the U.S. trade laws by the Commerce Department and the International Trade Commission is exactly what must happen for enduring expansion of U.S. lumber manufacturing and availability to meet demand to build more American homes,” said Miller.

“Failure to fully enforce the trade laws would only undermine long-term confidence in expanding U.S. sawmilling capacity and jobs in the American softwood lumber industry, which could cause significant supply disruptions for the U.S. market,” added Miller.

The U.S. industry remains open to a new U.S.–Canada softwood lumber trade agreement, the association said. “Canada’s lumber industry to date has not been able to agree on a unified position to present to the Canadian federal government to request initiation of government-to-government negotiations with the United States. Until this happens, the U.S. Lumber Coalition fully supports the continued strong enforcement of the U.S. trade laws to address Canada’s unfair softwood lumber trade practices,” the association’s statement said.

Customers struggled to locate the wood they needed from wholesalers and secondary suppliers. Demand increased to the point that lumber prices once again rose slightly. Expectations about industry is that, as lumber sales continue to increase, more sawmills and going to ramp up production volumes to bring more lumber manufacturing online. Into the next couple of months, as supply improves to meet demand, lumber prices should stabilize. Then it will start to become clear where the new price floor for lumber is; we will start to see what is the new normal. 

In the week ending July 14, the price of Western Spruce-Pine-Fir 2×4 #2&Btr KD (RL) was US$458 mfbm, which is up by $12, or three per cent from the previous week when it was $446. That week’s price is up by $68, or 17 per cent from one month ago when it was $390.

Producers boosted their asking prices on most high- and standard-grade items and received little-to-no pushback from downstream buyers.

“Demand for all solid wood commodity groups once again showed palpable strength. Players considered the upcoming Canadian and American national holidays to be the next major market litmus test.” — Madison’s Lumber Reporter

Strong sales of Western S-P-F persisted, according to traders in the United States. Bread-and-butter dimension items and stud trims continued to sell with aplomb among both primary and secondary suppliers, whittling sawmill inventory down and cleaning out much of the more readily available material held by distributers. Resultant sawmill order files were into the last week of July and pushing early August. Demand for low grade was so-so compared with #2&Btr, but holding firm.

Suppliers of Western S-P-F lumber in Western Canada reported a more measured pace to business as the frantic nature of the previous week’s sales push died down somewhat. The significant discrepancy between supply and demand remained however, with the latter far outstripping the former. Availability at the sawmill level was scanty compared to the distribution network, and asking prices continued to rise in both camps. Sales activity came in spurts near the end of the week as many buyers jumped in to cover their short term needs in advance of the upcoming Canada Day holiday weekend. With July 1st falling on a Saturday, plenty of companies were taking the Friday off instead of the Monday, or vice versa. Sawmills confidently maintained order files into the back half of July.

“Demand for Western S-P-F studs remained on a solidly upward trajectory according to suppliers in Western Canada. Studs producers had established three- to four-week order files with ease over the past 10 business days, with stud mill lists growing thinner by the day. Traders noted that overall supply of WSPF studs was one of the categories most affected by shutdowns and curtailments related to the ongoing wildfires in Western Canada. Resultant asking prices continued to climb in most trims this week.” — Madison’s Lumber Reporter

Compared to the same week last year, when it was US$650 mfbm, the price of Western Spruce-Pine-Fir 2×4 #2&Btr KD (RL) for the week ending July 14 was down by $192, or 30 per cent. Compared to two years ago when it was $760, that week’s price is down by $302, or 40 per cent.

There are about 1,850 operating mills in north America that use wood as their primary input to produce products that many of us take for granted.

These products produced from trees are commonplace in the forms of packaging and shipping boxes, lumber and other wood-based construction materials, flooring, furniture, tissue, and many other less obvious uses including the production of wood pellets.

As the white paper and dashboard show, the export pellet sector uses only about 3.2 per cent of the primary harvest directly from the forest. The rest goes to lumber, paper, etc.

The white paper and dashboard are free and can be found at the FutureMetrics website.

That week’s price is up by $56, or 14 per cent, from one month ago when it was US$390 mfbm.

Compared to the same week last year, when it was US$640 mfbm, that week’s price is down by $194, or 30 per cent. Compared to two years ago when it was US$760 mfbm, that week’s price is down by $314 or 41 per cent.

In the week ending July 07, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$410 mfbm. This is up by $5 or one per cent, compared to the previous week when it was US$405 mfbm.

That week’s price is down by $7, or two per cent, from one month ago when it was US$417 mfbm.
Compared to the same week last year, when it was US$685 mfbm, that week’s price is down by $275, or 40 per cent. Compared to two years ago when it was US$615 mfbm, that week’s price is down by $205 or 33 per cent.

That week’s price is up by $79, or 22 per cent, from one month ago when it was US$358 mfbm. Compared to the same week last year, when it was US$630 mfbm, that week’s price is down by $194, or 31 per cent. Compared to two years ago when it was US$900 mfbm, that week’s price is down by $464 or 52 per cent.

In the week ending June 30, 2023, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$405 mfbm. This is up by $5 or one per cent, compared to the previous week when it was US$400 mfbm.

That week’s price is down by $94, or 19 per cent, from one month ago when it was US$499 mfbm.
Compared to the same week last year, when it was US$670 mfbm, that week’s price is down by $265, or 40 per cent. Compared to two years ago when it was US$755 mfbm, that week’s price is down by $350 or 46 per cent.

That week’s price is up by $49, or 14 per cent, from one month ago when it was US$358 mfbm.

Compared to the same week last year, when it was US$535 mfbm, that week’s price is down by $129, or 24 per cent. Compared to two years ago when it was US$1,048 mfbm, that week’s price is down by $642 or 61 per cent.

In the week ending June 23, 2023, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$400 mfbm. This is down by $10 or two per cent compared to the previous week when it was US$410 mfbm.

That week’s price is down by $99, or 20 per cent, from one month ago when it was US$499 mfbm.

Compared to the same week last year, when it was US$655 mfbm, that week’s price is down by $255, or 39 per cent. Compared to two years ago when it was US$916 mfbm, that week’s price is down by $515 or 56 per cent.

That week’s price is up by +$33, or +9%, from one month ago when it was US$358 mfbm.

Compared to the same week last year, when it was US$660 mfbm, that week’s price is down by -$270, or -41%. Compared to two years ago when it was US$1,275 mfbm, that week’s price is down by -$885 or -69%.

In the week ending June 16, 2023, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$410 mfbm. This is down by -$15 or -4% compared to the previous week when it was US$425 mfbm.

That week’s price is down by -$89, or -18%, from one month ago when it was US$499 mfbm.

Compared to the same week last year, when it was US$685 mfbm, that week’s price is down by -$275, or -40%. Compared to two years ago when it was US$1,090 mfbm, that week’s price is down by -$680 or -62%.

Sales of newly built, single-family homes in May increased 12.2 per cent to a 763,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

“Demand for new homes is strengthening because of a lack of existing home inventory,” said Alicia Huey, chairman of the National Association of Home Builders (NAHB) and a custom home builder and developer from Birmingham, Ala. “And while builders continue to grapple with elevated construction costs, an encouraging sign is a big gain in home sales priced in the $200,000 to $300,000 price range. In May 2022, just 5,000 homes sold in this range and that total increased to 12,000 in May 2023.”

“The lack of resale homes available for sale, at just a three months’ supply, is supporting demand for newly built homes,” said NAHB chief economist Robert Dietz. “New home inventory was 31 per cent of total inventory in May. Historically it is typically 10 per cent to 15 per cent. Further, the pace of resales is down 20 per cent from a year ago, while the rate of new home sales is up 20 per cent from a year ago.”

A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the May reading of 763,000 units is the number of homes that would sell if this pace continued for the next 12 months.

New single-family home inventory in May was 428,000, down 2.9 per cent compared to a year ago. This is down to a more balanced 6.7 months’ supply at the current building pace, despite tight existing home supply conditions. A measure near a six months’ supply is considered balanced.

The median new home sale price in May was $416,300, down 7.6 per cent compared to a year ago.

Regionally, on a year-to-date basis, new home sales are up 0.8 per cent in the Northeast and 1.6 per cent in the South. New home sales are down 2.5 per cent in the Midwest and 20.7 per cent in the affordability-challenged West.

Q1 2023 showed the outcome of capitalizing on strong 2022 results and making smart investments to further impacts. The SLB and its funded programs continue to advance the industry’s goal of stimulating demand and expanding markets for softwood lumber.

Key highlights include:

• 439 MM BF of incremental demand generated, which has a carbon benefit of 1.1 MM metric tons of CO2 stored and avoided.
• The Mass Timber Conference, held March 27-29 in Portland, Ore., welcomed an estimated 3,000 design and construction professionals, and the predominant sentiment was enthusiasm and confidence in mass timber.
• The American Wood Council launched its second year of EPD data collection – an ongoing project to compile data on the production processes and environmental impacts of lumber products from source to end use.
• Think Wood secured the highest ever conversion rate of qualified leads to new projects, at 29 per cent. With 10 new projects converted in Q1 alone, the program is on pace to set a record number of new projects in 2023, an early indication that lead nurturing is continuously becoming more effective at priming practitioners to want to build projects with wood.
• WoodWorks directly influenced 123 projects and indirectly influenced 309 projects in Q1. Combined, the projects represent 18 MM SF of impacted wood construction, 180 MM BF of incremental lumber, 36 MM BF of incremental engineered wood products, and 108 MM SF of incremental wood structural panels.
• The Wood Institute saw 661 new accounts created and 1,080 courses completed, greatly exceeding Q1 2022. The SLB’s Education program also had 881 engagements with students and emerging professionals and 113 engagements with university faculty, continuing the focus of increasing exposure to wood design in more schools so future professionals are prepared to confidently implement wood systems in the built environment.

Learn more here.

Overall housing starts in May increased 21.7 per cent to a seasonally adjusted annual rate of 1.63 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The May reading of 1.63 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 18.5 per cent to a 997,00 seasonally adjusted annual rate. However, this remains 6.6 per cent lower than a year ago. The multifamily sector, which includes apartment buildings and condos, increased 27.1 per cent to an annualized 634,000 pace.

“Mirroring rising builder sentiment, single-family permits and starts increased in May as builders boosted production to meet unmet demand,” said Alicia Huey, chairman of the National Association of Home Builders (NAHB) and a custom home builder and developer from Birmingham, Ala. “Despite elevated interest rates that make the cost of housing more expensive, the lack of existing home inventory in most markets is leading to increased demand for new construction.”

“The May housing starts data and our latest builder confidence survey both point to a bottom forming for single-family residential construction earlier this year,” said NAHB chief economist Robert Dietz. “There have been some improvements to the supply-chain, although challenges persist for items like electrical transformers and lot availability. However, due to weakness at the start of the year, single-family housing starts are still down 24 per cent on a year-to-date basis.”

And while single-family starts are down 24 per cent year-to-date, single-family completions are down just 1.2 per cent as projects started at the end of last year finish. Of note, the May housing data shows that the number of single-family homes under construction is down 16 per cent compared to a year ago at 695,000, while the number of apartments under construction is up 17 per cent to 994,000 – the highest level since September 1974.

Dietz also noted that the May housing data signals a positive development on the inflation front. “Additional housing supply is good news for inflation data, because more inventory will help reduce shelter inflation, which is now a leading source of growth for the CPI,” he said.

On a regional and year-to-date basis, combined single-family and multifamily starts are 11.0 per cent lower in the Northeast, 15.0 per cent lower in the Midwest, 12.3 per cent lower in the South and 24.7 per cent lower in the West.

Overall permits increased 5.2 per cent to a 1.49 million unit annualized rate in May. Single-family permits increased 4.8 per cent to an 897,000 unit rate, but are down 25.5 per cent year-to-date. Multifamily permits increased 5.9 per cent to an annualized 594,000 pace.

Looking at regional permit data on a year-to-date basis, permits are 21.1 per cent lower in the Northeast, 24.7 per cent lower in the Midwest, 16.5 per cent lower in the South and 24.1 per cent lower in the West.

According to Wood Resources International, the total log import volume to Finland and Sweden was just over eight million m3 last year compared to an average of almost 16 million m3 annually throughout the previous decade. In addition to the halt in log imports from Russia, there has also been a substantial decline in log exports from Estonia, Latvia, and Lithuania to the Nordic countries. Most of the reduction has been in softwood logs, while hardwood log shipments have been relatively stable, fluctuating between three and four million m3 annually.

Softwood log trade in the Baltic Sea region has declined steadily for the past five years. In the 3Q/18, the total softwood log imports to Finland and Sweden reached a 15-year peak at 2.5 million m3 for the quarter and have since trended downward to just over one million m3 in the 1Q/23 (see chart). Over the past year, trade flows to Sweden from neighboring Finland and Norway declined the most, shipments from Sweden to Finland and from Latvia to Sweden showed slight increases.

The tighter supply of pulplogs and strong pulp markets has pushed log prices upward over the past year. In the 1Q/23, y-o-y import prices for softwood and hardwood pulplog to Finland jumped 93 per cent and 123 per cent, respectively. Prices for imported softwood and hardwood pulplogs to Sweden were up 14 per cent and 111 per cent, respectively, during the same period. Pulplog import prices to Finland and Sweden were substantially higher than domestic prices in the 1Q/23, as reported in the new WoodMarket Price digital platform from ResourceWise.

Wood Resource Quarterly has been digitized and is now available as an interactive online business intelligence platform, WoodMarket Prices (WMP). The pricing data service, established in 1988, has subscribers in over 30 countries. The WMP tracks prices for sawlog, pulpwood, lumber & pellets and reports on trade and wood market developments in most key regions worldwide. For more insights on the WMP platform, a unique and valuable tool for every organization that requires updates on the latest developments of global forest products markets, please go to Global Wood Prices.

That week’s price is up by +$3, or +1%, from one month ago when it was US$358 mfbm.

Compared to the same week last year, when it was US$660 mfbm, that week’s price is down by -$300, or -45%. Compared to two years ago when it was US$1,600 mfbm, that week’s price is down by -$1,240 or -78.

In the week ending June 09, 2023, the price of Southern Yellow Pine East Side 2×4 #2&Btr KD (RL) was US$425 mfbm. This is down by -$22 or -5% compared to the previous week when it was US$447 mfbm.

That week’s price is down by -$74, or -15%, from one month ago when it was US$499 mfbm.
Compared to the same week last year, when it was US$725 mfbm, that week’s price is down by -$300, or -41%. Compared to two years ago when it was US$1,265 mfbm, that week’s price is down by -$840 or -66%.