the economy in graphs - campbell global · 2015 portends a much better year for plywood importers....

Inside This IssueInternational Trade ..................2

Exports ..................................2

Imports ..................................3

Prices .....................................8

Supply .................................. 11

Demand ............................... 14

Housing ............................... 14

Announcements ..................22

Timberland Transactions ......23

Background Reading ............23

References ...........................25

Timber Trends

Campbell Global | May 2015

Highlights• High log inventory levels at China’s ports keep downward

pressure on export log prices

• Log prices in the US South continue their slow recovery, wood-basin by wood-basin

• US softwood and Latin American hardwood kraft market pulpmills are low-cost market pulp producers by global standards

• Residential construction in Australia is going from strength to strength

• The bulk of US timberland transactions are less than 25,000 acres in extent

The Economy in Graphs Growth In Residential Construction Employment Has Exceeded 5% For

More Than A Year

By: Bruce P. Glass, PhD, Sr. Forest Economist

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TIMBER TRENDS 2

CAMPBELL GLOBALMAY 2015

International Trade Exchange Rates The Yen Continues Its Eye-Popping Depreciation Against The US Dollar

Exports Over 40 Million m³ of Softwood Lumber Exported By Canada1

Canada raised its softwood lumber exports by five percent last year to roughly 40.2 million m³. The decisive factor for the increase was higher exports to the USA, Canada’s main market. These were 11 percent higher than the 2013 level at around 28.5 million m³. In contrast exports to Asia fell again for the first time since the increases achieved in exports in the previous years. At a total of 10.9 million m³, roughly seven percent less softwood lumber was exported to Asia whereby five percent less was sold to China at 7.6 million m³, and 20 percent less to Japan at 2.2 million m³. A comparatively sharp decline was recorded in exports to Africa and the Middle East. At 362,000 m³, the deliveries to these regions fell roughly 23 percent below the figure for a year earlier. Deliveries to Europe, on the other hand, were four percent higher than 2013 at 203,000 m³.

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TIMBER TRENDS 3


Imports Stronger Offshore Plywood Imports In Early

2015 As Elevated Prices Attract More Trade2

The plywood markets have enjoyed relatively healthy and stable pricing in recent months as a reduction in production in the summer of 2014 bolstered southern pine plywood prices. The concurrent rise in the value of the dollar made the US market even more attractive to offshore wood importers. Initially, offshore imports of plywood were weak in early 2014 after a relatively strong finish in 2013, as a port strike in Chile restricted trade from what has become one of North America’s largest suppliers of plywood. Adding further downward pressure was the weak plywood pricing that characterized the opening months of 2014. However, once the port strike ended and production curtailment started to hit the domestic market, overall trade began to gain significant momentum.

According to Customs Data, for all of 2014, offshore imports of plywood were up 8.6 percent after having been down five percent at mid-year. The largest exporters of plywood to North America last year were Chile, China and Brazil.

Plywood imports are off to a strong start in 2015. According to recently released trade data through February 2015, offshore imports to the USA and

Canada are up 73 percent year-to-date compared with the same point in 2014, although part of the strength is a reflection of the very weak start to last year. In the first two months of 2014, offshore imports were down 15 percent. Overall, the renewed level of strength in January and February 2015 portends a much better year for plywood importers. We expect plywood imports to grow significantly this year, thanks to the strong dollar, the elevated price of plywood and the anticipation of a healthier housing construction market.

Plywood pricing in particular has made North America an attractive destination for exporters. Capacity restrictions and a reduced exposure to the residential market supported a recent run-up in plywood prices, although they have retreated somewhat in recent months. Nonetheless, we do not anticipate SYP ½-inch 3-ply prices will fall by an appreciable amount as the rebound in housing and a steady industrial market will bolster demand.

Trade in Wood Products Asia How Strong Will The Supply Response Be From

Russia?3

The Russian wood products supply situation is somewhat of an enigma. Russia has the largest potentially harvestable area of forests in the world, estimated at 20 percent of the world’s softwood

Table 1. US and Canada Plywood Imports Offshore Imports, 3/8-Inch Basis, MMSFYear Value % Change

2008 610.9 -24%

2009 524.1 -14%

2010 380.2 -27%

2011 440.4 16%

2012 355.2 -19%

2013 453.4 28%

2014 492.6 9%Source: GTIS Customs Data

Table 2. US and Canadian Plywood Imports by Top ImportersOffshore Imports, 3/8-Inch Basis, MMSFCountry 2013 Total 2014 Total 2015 YTD % Change

Chile 194.3 224.2 57.2 134%

Brazil 131.6 136.4 23.9 62%

China 107.8 105.8 17.6 -6%

Uruguay 15.0 15.0 4.4 425%

Total 453.4 492.6 103.5 73%Source: GTIS Customs Data

TIMBER TRENDS 4


forests. The total growing stock of Russian forests is estimated at 82.1 billion m³. Annual harvesting levels are around 200 million m³ with exports of only 20 million m³, made up of logs (about 12 million m³) and lumber (about 8 million m³). Most of the exports go to China. The balance is domestic consumption.

With 3,600 km of border with China and a greatly depreciated currency, won’t Russia vastly increase its exports of logs and lumber to China? Not necessarily. The following points are salient and suggest only a modest and gradual supply response from Russia.

• There are only two overland import locations in China’s north. Both involve vast overland transport distances both within Russia from forest source and then within China to end-use markets.

• The coastal route to market from Russia only carries a small percentage of the total trade and again requires vast inland transport distances to port, then additional shipping costs.

• Forest roads, harvesting equipment and transportation infrastructure is drastically lacking. Investment in plant and machinery is expensive with the low Ruble.

• Access to capital is limited, and interest rates are high in Russia.

• Most of the investment has been in Northwest Russia, a long way from China.

• Lumber exports are limited by sawmill capacity but there are a few examples of well-conceived and well-executed projects to date.

• The Russian government increased stumpage rates and railway tariffs in 2015―this was presumably a measure to boost ailing government revenues.

China China’s Log Imports Jump 76 Percent In March

Compared With February4

Log import volumes to China typically increase in the month of March every year and 2015 was no exception with a 76 percent jump from the previous month. Softwood log imports reached 2.9 million m3. This is the highest monthly volume since early in 2014, and higher than the monthly average over the past two years, according to Wood Resource Quarterly.

With the Russian Ruble falling in value by over 50 percent during the past six months, there are expectations by some market observers that Russian exporters would increase their export volumes substantially in 2015, but that has not yet happened. In 2015Q1, Russia actually exported fewer softwood logs to China than in the previous quarter, and comparatively, shipments were almost 15 percent below 2014Q1.

There are numerous obstacles to Russian log exporters increasing export volumes in the short-term. These include inadequate ability to promptly increase timber harvests when opportunities arise, limited access to logging equipment, insufficient infrastructure, lack of loggers and truckers, and logistical bottlenecks in the entire supply chain from the forests to the ports. As a consequence, many logging companies and sawmills have had difficulty taking advantage of the improved export market opportunities so far.

Rather than a surge in softwood logs from Russia entering the Chinese market, log exporters in New Zealand and Australia increased their shipments by 250 percent and 165 percent, respectively, from February to March. Combined, the two countries supplied over 50 percent of Chinese log imports in March, a record high share for the Oceanian log exporters. While log import volumes

TIMBER TRENDS 5


to China surged in March, prices did not. The average import price was actually at the lowest level since 2010. Prices for imported softwood logs have trended downward for almost a year and in March of this year were 15 percent lower than in March of 2014. North American logs have the highest costs, while Australia and New Zealand are on the lower end of the cost scale.

New Zealand Inventory Build-Up At Chinese Ports Drives NZ Log Export Prices To Seven-Month Low5

New Zealand export log prices fell to a seven-month low as high inventories on Chinese ports dent demand in the country’s largest market. The average wharf gate price for New Zealand A-grade logs fell to NZ$94/tonne in April, from NZ$106/tonne in March, the lowest level since September, according to AgriHQ’s monthly survey of exporters, forest owners and sawmillers.

The price for New Zealand A-grade logs delivered to China is at the lowest level since AgriHQ started tracking the grade in February 2012. Inventories on Chinese ports are reportedly close to five million m3, more than double the normal level of around two million m3. “Until these volumes clear we can expect low prices,” said Emma Dent, an analyst at AgriHQ. “Inventories are expected to remain high and potentially build through April before starting to clear through May. However it is likely that inventories won’t be at normal levels for up to six months.”

Sawmill activity in China lifted in March to around 60,000 tonnes per day and may now be hitting 70,000 tonnes per day, with inventories likely to start reducing at these levels provided less supply is shipped, Dent said. Continued decline in export prices will likely impact domestic log prices, she said.

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Inventory of Softwood Logs at Selected Ports in China by Major Country of Origin

New Zealand USA Australia Canada Russia

Source: WoodMarketsSource: WoodMarkets

TIMBER TRENDS 6


Latin America Brazil Is Turning Back To International Markets6

Brazil is currently facing economic difficulties, investment rates have fallen, and the construction and building sectors are in decline which negatively impacts demand for wood products. Because of this, domestic millers and manufacturers are directing efforts to international markets.

Ten years ago a significant number of domestic timber companies abandoned the international market as they could not compete due to high production costs and an unfavorable exchange rate. During this period the timber industry directed output to the domestic market which was expanding, driven primarily by the construction sector.

Now the situation is different, domestic demand for wood products is shrinking and the appreciation of the US dollar against the Brazilian currency favors exports. As a result many timber companies are turning back to international markets.

However, Brazilian exporters face some challenges as in many international market sectors competitors secured a firm footing when Brazilian exporters withdrew. The challenges facing Brazilian exporters include: (i) pricing as most commodity prices have fallen; (ii) exchange rate volatility; (iii) the increase in number of shippers to international markets; and (iv) domestic inflation which continues to push up production costs.

Brazil’s Solid Wood Exports Rise7

In March 2015, Brazilian exports of wood-based products (except pulp and paper) increased 29 percent in value compared with March 2014, from US$218.6 million to US$282.3 million.

Pine sawnwood exports increased 45 percent in value in March 2015 compared with March 2014, from US$17.5 million to US$25.4 million. In terms of volume, exports increased 43 percent, from 75,500 m3 to 108,300 m3 over the same period. Pine plywood exports jumped 26.5 percent in value in March 2015 in comparison with March 2014 from US$37.0 million to US$ 46.8 million.

Brazilian Hardwood Pulp Exports Surge 55.4

Percent In March To 1 Million Tonnes8

The Brazilian Tree Industry Association (Ibá) released its March 2015 statistics showing the country’s hardwood pulp exports boomed 55.4 percent to one million tonnes compared with March 2014. Year-to-date, Brazilian pulp overseas sales increased 19.9 percent to 2.8 million tonnes.

Pulp production, including both softwood and hardwood, was also 1.9 percent higher in March compared with a year ago, while domestic sales increased 18.9 percent to 170,000 tonnes. Apparent consumption declined 44.9 percent to 402,000 tonnes.

According to Ibá, pulp export revenues in the first quarter totaled $1.3 billion, five percent higher than the same period of 2014. Sales to Europe totaled $576 million in the first quarter, 15.4 percent up over a year ago, while China accounted for $425 million, a 12.7 percent increase year-over-year. On the other hand, shipments to North America declined 30.9 percent to $170 million.

As for paper, Brazilian production slightly increased by 0.3 percent in March 2015 over March 2014 to 889,000 tonnes, while domestic sales declined 4.4 percent to 452,000 tonnes. Exports improved seven percent to 169,000 tonnes, while imports increased by 1.1 percent to 90,000 tonnes year-over-year. Through March, Brazilian paper production slipped 0.8 percent to 2.57 million

TIMBER TRENDS 7


tonnes and domestic sales were seven percent down at 1.28 million tonnes. Imports were 11.1 percent lower at 264,000 tonnes.

Revenues from paper exports were 3.5 percent lower in the first quarter than a year ago, at $472 million. Volumes were mainly directed to Latin America, totaling $251 million and 2.7 percent lower than January-March 2014, while sales to Europe decreased 11.8 percent to $67 million and shipments to North America accounted for $68 million, 4.2 percent lower in value than a year ago.

Trade Issues US―Canadian Softwood Lumber Dispute Canadian Lumber Tax Will Rise In June9

Softer prices of framing lumber will lead to an increase in the tax rate Canadians will pay on lumber shipments to the US in June. Shippers in British Columbia and Alberta will pay 10 percent, while those in Quebec, Ontario, Manitoba, and Saskatchewan will pay three percent, plus face more restrictive quota allotments. The four-week average of the Random Lengths Framing Lumber Composite Price for the period to determine the June tax rate (April 17-May 8) was $324/MMbf. Anytime the four-week average reaches a range of $316-335/MMbf, the 10 percent tax is in effect for Western Canada. If the four-week average falls to $315/MMbf or less, the highest tax rates (15 percent for Western Canada) go into effect.

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Random Lengths Framing Lumber Composite Price Compared with Duty/Quota Trigger Prices

Framing Lumber Composite Price5% duty threshold10% duty threshold15% duty threshold

Source: Random Lengths

Source: Random Lengths

TIMBER TRENDS 8


Prices Logs Export Log Prices Look To Be Bottoming Out In The Pacific Northwest

US South Log Prices Are Slowly Recovering At The Individual Wood Basin Level Across The US South

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Delivered prices for Douglas-fir Domestic and Export Sawlogs in Lower Columbia River Region

#2 domestic C grade export J12 grade export

Source: LoglinesSource: LogLines

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Pine sawtimber: Comparison of stumpage and delivered prices in Southeast Texas (TMS Region 2) with southern yellow pine lumber price (2x4, #2 kd, Westside)

Stumpage Delivered Logs SYP 2x4, kd, Westside (RHS)

Sources: Timber Mart-South, Random LengthsSources: Timber Mart-South, Random Lengths

TIMBER TRENDS 9


Pulp and PaperUS Softwood Kraft Pulpmills Are Relatively Low Cost By Global Standards

Source: Hawkins Wright

Pulpwood and Chips Fiber Costs For Western US Pulpmills Have Risen Substantially Relative To Other US Regions10

Wood fiber costs for pulp mills in the US South were substantially lower than the costs for pulp companies in the rest of the US in 2015Q1. Prices for softwood residual chips in the Southern states were over 30 percent lower than in the Northeast, Lake States and the Northwest, according to the North American Wood Fiber Review.

Pulplog and wood chip prices have held steady in the South for the past 12 months at prices nearing 10-year highs. Sufficient supply of pulplogs and residual chips and steady production levels at the region’s pulp mills have contributed to a healthy fiber supply and demand balance. With pulpmills generally able to build healthy wood inventories in 2015Q1 and with a number of maintenance outages scheduled for the second quarter, the stage is set for a possible reduction in pulpwood pricing in some Southern states in the near future.

Heavy snowfalls across the Northeast, excluding the Northern half of Maine, have created challenges for forest access and transportation during 2015Q1. Fiber inventories, particularly those of hardwood, remained short resulting in concerns over having sufficient supplies on hand to carry through the spring, when road weight limitations and mud season greatly diminish harvest levels. Pulplog prices in this region were slightly higher in 2015Q1compared with the previous quarter.

TIMBER TRENDS 10


Prices for both logs and chips in the Lake States were up to record high levels as obtaining adequate fiber supplies remained a serious challenge in 2015Q1. Prices remained high despite the reasonable snow levels and temperatures.

In 2015Q1, wood chip prices in the US Northwest continued their upward trend that started in late 2013, reaching their highest levels in almost three years. In only the past 12 months, softwood chip prices have gone up 21 percent. With the recent increases, this region had some of the highest wood chip prices in North America. With additional residual chips generated by increased lumber production in the coming months, it is likely that chip prices will decline later in 2015.

EuropeEuropean Pine Log Prices Disrupted By Euro Appreciation11

Prices of European sawlogs varied significantly in 2014Q4, with the Scandinavian prices slipping for a second or third successive quarter in US dollar terms, while the prices for non-Scandinavian supply were more stable. As detailed analysis shows, currency movements are playing their part in the European sawlog trade, with implications for the price of Australian sawnwood imports.

In 2014Q4, all of the relevant country prices for Pine sawlogs experienced declines in US dollar terms, or, in the case of Lithuania, were stable. Large price falls from the prior quarter were experienced in Estonia (-7.5 percent), Norway (-8.0 percent) and Finland (-7.6 percent). However, countries that experienced declines and transacting in Euros (Estonia and Finland), experienced price stability from 2014Q3 to 2014Q4. The sole reason for the US dollar price decline has been the appreciation of that currency against the Euro.

Norway’s US dollar price slump is even more intriguing because Norway uses its local currency, the Krone, for international transactions. The Krone has been dragged down by falling oil prices. Pine log prices actually rose in Norway in 2014Q4, however translated to US dollars they declined sharply.

Source: FWPA, Finnish Forest Research Institute - Metinfo

TIMBER TRENDS 11


The divergence of prices since 2012Q3 represents in part the different trajectories of currencies supplying Baltic Pine sawlogs. Scandinavian countries, mainly transacting in their own currencies, have used local economic strength. The appreciation of the US dollar against the Scandinavian currencies appears on face value to be driving down the price of Scandinavian supply, in a manner that the Lithuanian and Estonian producers cannot match. However, the reality is that most of the transactions in Scandinavian countries are for domestic sawmills and occur in domestic prices.

On the flip side, the modest price increases in local currencies in Lithuania and Estonia were, to the end of September, coupled with the stability of the Euro to US dollar exchange rate to push them to an unsustainable competitive position in US dollar terms. Little wonder the Estonian price fell sharply in 2014Q4.

Ultimately therefore, what the data really show is that even when decreasing their prices in US dollar terms, most of the Baltic region’s producers are also receiving more (or at least no less) in their domestic currencies. That is a topic of interest to everyone in the supply chain in Australia because on face, these producers have more room to move on prices.

Supply Lumber North American Softwood Lumber Production Is Slowly Grinding Out A Recovery

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Source: WWPA

TIMBER TRENDS 12


North American Lumber Production Up 1.7

Percent Through February12

US lumber production through the first two months of this year increased 2.4 percent from the same period last year to 5.09 bbf, according to the Western Wood Products Association. Production in the West increased 0.4 percent, while output in the South pushed 4.4 percent higher. Total production in all of North America increased 1.7 percent through February. In February alone, US production totaled 2.48 bbf, down 5.0 percent from January but up 5.8 percent from February 2014.

US Lumber Production US Lumber Output Up 2.4 Percent Through

February13

US lumber production through February totaled 5.089 bbf, up 2.4 percent from the January-February 2014 total, according to the Western Wood Products Association. Production in the West through the first two months of the year was up 0.4 percent, while output in the South rose 4.4 percent. Nationwide, softwood lumber production in February totaled 2.480 bbf, down 5.0 percent from January, but 5.8 percent higher than the February 2014 figure.

Western Lumber Production Western Lumber Output Up 1.4 Percent

Through 2015Q114

Western lumber production through March totaled 3.546 bbf, up 1.4 percent from the first three months of 2014, according to the Western Wood Products Association. Through March, production in the Coast region was up 5.4 percent, while Inland production was off 2.9 percent. Output in the California Redwood region was down 25.3

percent compared with the first three months last year. Across the West, March production totaled 1.252 bbf, up 9.9 percent from February and 3.2 percent higher than the March 2014 total.

Canadian Lumber Canadian Lumber Production Through February

Up 1.1 Percent Over Year-Ago Pace15

Canadian lumber production in February jumped to 2.1 bbf, and the two-month total of 4.1 bbf was one percent ahead of the year-ago pace. Output in British Columbia decreased one percent from a year earlier, to 2.1 bbf. Quebec decreased five percent, to 833 MMbf, despite a 17 percent gain from January to February. Alberta gained eight percent, to 621 MMbf, through two months.

RussiaRussian Lumber Output Up Slightly16

Russian sawmills raised their lumber output in 2015Q1 by 3.1 percent against the same quarter of last year to approximately five million m³. According to information from the Russian statistics office Rosstat, the output in each of the first three months of this year was higher than in the same months of last year. Rosstat recorded growth of 3.8 percent to 1.5 million m³ from January. Output rose by 2.9 percent in February to roughly 1.7 million m³ and by 2.3 percent in March to 1.8 million m³. The actual output is higher, however, because Rosstat does not take into account smaller-scale sawmills.

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Logs Things Are Looking Up For East Texas Timber

Industry17

A current Texas Timber Market Report has good reviews and a good outlook for the East Texas timber industry. “Housing has been fairly strong in Texas and as you know with more housing starts, the more demand there is on building products and that helps our wood industry,” said Ed Dougal, a wood utilization and marketing specialist for the Texas Forest Service.

New mills across East Texas provide additional markets. Last year, a wood pellet plant and a biomass plant facility opened in Woodville. Another OSB plant is opening in Corrigan, and Norbord has reopened its Marion County plant.

“And then the pulp mills have been fairly strong. The IP mill up in Texarkana and then across the border there are a few mills,” Dougal said. “One in Oklahoma and Arkansas, a few in Louisiana that take logs from Texas.” Prices for pine pulpwood timber rose 26 percent according to Texas Timber Price Trend data. Hardwood prices are up too primarily due to wet weather. “It can become a bit of a problem in terms of supply, and sometimes that does lead to some stiffening of price as well,” Dougal said. As hardwood sites become more accessible, prices may drop a bit. Over the long term, timber prices are expected to improve as long as the housing market climbs.

The timber industry is also watching oil and gas trends. Timber growers provide hardwood saw logs for roadbeds and heavy equipment. That market has tapered off as drilling has decreased.

New Zealand New Afforestation Grant Scheme18

The Government confirmed a multi-million dollar reboot of the popular Afforestation Grant Scheme (AGS), Associate Primary Industries Minister Jo Goodhew says. The new version of the scheme will see $22.5 million invested over the next six years to encourage the planting of an expected 15,000 hectares of new forest.

“The new scheme will take up where its highly successful predecessor left off,” Mrs. Goodhew says. “Farmers and landowners can again use the AGS to make better use of marginal land and increase farming diversification.” Under the previous scheme, from 2008 to 2013, more than 12,000 hectares of new forest were planted, much of it on erosion prone land. This improved water quality and reduced the impact of severe flooding. “Increased forest planting under the previous AGS also led to an additional 1.6 million tonnes of carbon dioxide stored in our forests, mitigating climate change and counting towards New Zealand’s national emission reduction targets,” Mrs. Goodhew says. “Over the life cycle of these trees, from planting through to harvesting, we expect the AGS to make a significant contribution to the forestry industry and support services, increase jobs and help grow our regional economies across New Zealand.”

MPI will manage the scheme with support from regional councils and iwi which will help identify underutilized land best suited for forest planting. Successful applicants will receive $1,300 per hectare for new forest planting, with priority given to applications addressing environmental issues such as erosion.

TIMBER TRENDS 14


Demand Residential Construction Spending Drops In

March Compared With The Month Prior19

US construction spending during March 2015 was estimated at a seasonally adjusted annual rate (SAAR) of $966.6 billion, 0.6 percent below the revised February estimate of $972.9 billion. The March figure is 2.0 percent above the March 2014 estimate of $947.3 billion. During the first three months of this year, construction spending amounted to $206.7 billion, 3.2 percent above the $200.4 billion for the same period in 2014.

Housing US Existing Home Sales Lose Momentum20

US sales of pre-owned homes were at a SAAR of 5.04 million units in April, down 3.3 percent from March but 6.1 percent higher than the April 2014 rate, according to the National Association of Realtors. An estimated 2.21 million homes were for sale at the end of April, representing a 5.3-month supply at the current sales pace. This is up from a 4.6-month supply in March. The median existing-home price for all housing types was $219,400 in April, 8.9 percent higher than the April 2014 median.

The Rise Of The Single-Person Household21

Perhaps nothing speaks greater volume about changes in modern American life than the rise of the single-person household. A recent paper authored by Census Bureau researchers shows that a hundred years ago, fewer than six percent of all households consisted of people who lived alone. By 1940, that share had only inched upward to 7.8 percent. By 2013, at 28 percent of all households, it is now the second most common household type just behind married couples without minor children

(29 percent), and well ahead of marrieds with minor children in the household (19 percent).

In the 19thand early 20th centuries, single-person households consisted mostly of men, but the greatest gains in living alone during the past 50 years have been among women. Today, women head 54 percent of all single-person households. In the past, when living alone might have been a short-term condition, for many it is now a long-term situation, the result of a number of broad demographic and economic forces at work over the past half century: greater affluence, longer lives, later ages of marriage, higher divorce, smaller family sizes, greater labor force participation and financial independence of women, and stronger government safety nets across a wide spectrum of social programs.

According to the 2013 American Housing Survey, single-person households are spread across all ages. About 28 percent of all single person households are under the age of 45, another 36 percent between the ages of 45 and 64, and 36 percent are over the age of 65. Among the elderly, the older the household head, the higher the percentage that live alone. Fully 43 percent of households headed by those over the age of 65 are single-person, with 65-69 year old heads having 34 percent, 70-74 year olds at 37 percent, and 75+ registering 52 percent. Aging baby boomers will drive the share of over-65 year olds living in single-person households even higher over the next two decades.

One area where housing markets have been slow to respond is to fill the demand for smaller, affordable single-family owned units that are geared to the older homeowner in communities where the elderly now live. Land cost and availability, regulatory constraints, high property tax rates, proximity to shopping and services, and difficulties accessing public transportation are all

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obstacles to building such housing where many elderly now live and wish to continue to live. Unless these obstacles can be overcome, aging in place will continue to increase the number of elderly who live alone in homes that are too large and costly to maintain, requiring being able to drive to shop and get to necessary services, and perhaps unsafe and difficult to navigate when health and mobility begins to deteriorate.

New Single-Family Home Size Increases At The Start Of 201522

The typical size of newly built single-family homes increased at the start of the year. The trend of increasing new home size leveled off in 2014, but new home size increased during 2015Q1 with a decline in the volume of construction. As first-time buyers return to the market, typical home size is expected to trend lower.

According to 2015Q1 data from the US Census Bureau, median single-family square floor area increased from 2,445 ft2 in the fourth quarter of last year to 2,521 ft2. Average (mean) square footage for new single-family homes increased from 2,677 ft2 to 2,736 ft2 for the first three months of the year.

The post-recession increase in single-family home size is consistent with the historical pattern coming out of recessions. Typical home size falls prior to and during a recession as some homebuyers cut back, and then sizes rise as high-end homebuyers, who face fewer credit constraints, return to the housing market in relatively greater proportions. This pattern has been exacerbated in the last two years due to market weakness among first-time homebuyers.

In contrast to single-family patterns, new multifamily apartment size is down compared with the pre-recession period. This is due to the weak for-sale multifamily market.

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April Housing Starts Jump 20 Percent; Reach

Highest Level Since November 200723

US housing starts were at a SAAR of 1.135 million units in April, 20.2 percent above the revised March rate and 9.2 percent higher than the April 2014 figure, according to the Census Bureau and the Department of Housing and Urban Development. Single-family starts in April were at a SAAR of 733,000, which was 16.7 percent above the revised March figure. Building permits in April were at a SAAR of 1.143 million units, 10.1 percent above the revised March rate.

The Market Shares Of Single- And Multi-Family

Housing In The US Are Stabilizing

US Housing Affordability Remains At

Historically High Levels In Real Terms

Residential Construction Lackluster In 2015Q1,

But Many Indicators Are Favorable24

RISI has been calling for 2015 to be the year that pent-up demand begins to be released on the market, driving residential construction up toward historical trend levels. While the risk is growing that housing could disappoint again in 2015, here are six indicators that point to stronger growth ahead:

1. Existing home sales in 2015Q1 averaged 5.0 million units (SAAR), up six percent over a year ago. Sales reached their highest level in 18 months in March 2015, while the inventory of homes for sale increased two percent over March 2014, which should relieve some of the supply concerns that have been raised recently. Existing home sales are reported when the transaction is closed, which is typically 30-60 days after signing the offer to purchase, so the March data are reflective of strong sales activity in both January and February in spite of the harsh winter weather.

2. Many media outlets focused solely on the headline number reported for new home sales in March showing that sales fell 11.4 percent from February, but this observation alone does not tell the full story. It is true that new home sales fell by double digits in March, but this is after reaching their highest level in seven years in February, and on a year-over-year basis new homes sales were up 19.4 percent for the month. Looking at the first quarter average, new homes sales were up a remarkable 19 percent from the same period in 2014.

3. Meanwhile, pending home sales for March increased to their highest level since June 2013 and were up 11 percent year-over-year. This report bodes well for continued strength in existing home sales as pending home sales are reported at the time a contract to purchase a home is signed, while existing home sales are reported when the transaction is consummated.

0%

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Sha

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Share of Conventional US Housing Starts by Type of Start

Single family Multi-family

Source: US Census Bureau

Source: US Census Bureau

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Comparison of Median Real Price for Existing Homes with Home Affordability Index

Existing home price Affordability (RHS)

Source: NAR

Source: NAR

TIMBER TRENDS 17


4. Further evidence of strong demand for shelter can be found in the quarterly Census CPS/HVS survey. This report shows that household formations increased by 1.5 million units (all on the rental side of the market) year-over-year in 2015Q1 after increasing a reported 1.68 million units (all on the rental side of the market) year-over-year in 2014Q4. The strength in household formations, particularly on the rental side of the market, corroborates with the extremely low vacancy rates, rising rents and larger share of multifamily housing construction reported recently.

5. With RISI’s estimate of excess vacant inventory of shelter cleared on the transactional side of the market, any increase in demand for shelter will translate into upward pressure on prices and shelter production. And the Case-Shiller Index shows just that, with the 20 City Composite Price Index up five percent year-over-year in both January and February. Home price appreciation is gaining momentum, which should entice more would-be move-up buyers to list their existing homes for sale, while at the same time increasing returns for home builders.

6. Home builders have maintained their positive outlook for the residential construction market. The National Association of Home Builders’ (NAHB) Housing Market Index improved to 56 in April, and has remained above 50, the level delineating whether the majority of home builders see market conditions as good or poor, since July 2014. The sales expectations for the next six months and current sales conditions components both improved in April to 64 and 61, respectively.

Home Price Indices Show Gains Over The Past

Year25

S&P/Case-Shiller Home Price Indices for February show that home prices continued their rise across the country over the last 12 months. The 10-City Composite gained 4.8 percent year-over-year, up from 4.3 percent in January. The 20-City Composite gained 5.0 percent year-over-year, compared with a 4.5 percent increase in January. The S&P/Case-Shiller US National Home Price Index, which covers all nine US census divisions, recorded a 4.2 percent annual gain in February, weaker than the 4.4 percent increase in January.

US Sales Of New Single-Family Houses Fall 11.4

Percent In March, But Rise 19.4 Percent Year-

Over-Year26

Sales of new single-family houses in March 2015 were at a SAAR of 481,000, according to estimates released by the US Census Bureau. This is 11.4 percent below the revised February rate of 543,000, but is 19.4 percent above the March 2014 estimate of 403,000.

The median sales price of new houses sold in March 2015 was $277,400; the average sales price was $343,300. The SAAR estimate of new houses for sale at the end of March was 213,000. This represents a supply of 5.3 months at the current sales rate.

Formerly Distressed US Homeowners With

Restored Credit Re-Entering Housing Market27

Nearly a decade since the start of the foreclosure crisis, formerly distressed homeowners with restored credit are re-entering the housing market, but damaged credit profiles and lender overlays will greatly restrict the overall share of those eligible to buy, according to new research from the National Association of Realtors. California, Florida and Arizona are expected to see the largest share of return buyers within the next decade.

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NAR analyzed the nearly 9.3 million homeowners who underwent a foreclosure, received a deed-in-lieu of foreclosure, or short-sold between 2006 and 2014 to estimate the amount of creditworthy borrowers expected to re-enter the housing market as return buyers in upcoming years. The findings reveal nearly a million of these former owners have likely already purchased a home again, and an additional 1.5 million are likely to become eligible and purchase over the next five years, representing an additional source of buyer demand for the housing market.

Lawrence Yun, NAR chief economist, says the considerable impact a distressed sale has on a borrower’s credit score will severely limit the overall number of those returning. “The extended time needed to repair credit scores or save for a downpayment, combined with other overlapping post-distress factors on credit quality such as missed auto loan or credit card payments, will limit the ability for many to buy in the current credit environment,” he said.

ChinaChina’s Housing Market Shows Small Signs Of

Stabilization28

For the last year, real estate in China has been a gloomy place for investors. Housing prices have plunged. Well-known developers suffered. At least one major property company even defaulted on its debt―a rarity in the country’s closely controlled economy.

But there may be small signs of stabilization. In China’s biggest cities―metropolises like Beijing, Shanghai and Shenzhen―housing prices ticked slightly upward according to recently released data. The tentative rebound in some cities’ housing prices suggests that recent steps by policy makers are helping engineer at least a slight turnaround in the market. The central bank cut interest rates for

the third time since November, and it has removed several restrictions on some home purchases.

China’s residential property market is a major indicator of the country’s economic health. By some economists’ estimates, housing and related industries account for more than 20 percent of China’s gross domestic product. Partly as a result of the sluggish property market, China’s economy grew at its slowest pace in six years in the first quarter, as the Communist Party tried to reduce China’s reliance on credit-propelled investment and to bolster consumer demand. If it continues, the improvement in housing prices in recent months could provide help to some of the hardest-hit parts of the economy, lifting businesses as diverse as developers, construction companies, steel and cement plants, property brokerages and banks.

One of the biggest challenges to a recovery in China’s residential property market remains huge swaths of unsold homes, but the situation varies greatly across the country. In a working paper published last month, economists at the International Monetary Fund found that overbuilding in China’s so-called Tier 1 cities of Beijing, Shanghai, Guangzhou and Shenzhen had created an inventory equal to less than 12 months’ worth of sales. That level is fairly manageable, especially considering that those cities continue to attract migrants from the countryside. But in Tier 2 cities, unsold inventories rose to nearly 1.5 years’ worth of sales. China’s least-developed cities, those in Tier 3 and Tier 4, had an alarmingly high stock of unsold homes equal to nearly three years’ worth of sales.

Despite the overbuilding, China’s heavily indebted developers have only recently begun to curtail borrowing for new projects and land purchases. Last year, net debt levels for the country’s biggest developers rose 29 percent from 2013, nearly twice as fast as their revenue growth, according

TIMBER TRENDS 19


to calculations by Moody’s Investors Service. Such a precarious financial position could lead more developers to follow Kaisa into default. But other builders appear to have caught a break. Companies like Evergrande Real Estate Group have been promised huge credit lines from China’s biggest state-owned banks. And, following in the footsteps of China’s stockbrokers, property companies have found a new source of funding in the continuing stock market rally that can help them reduce their reliance on bank debt and bond sales.

North America’s Share Of Chinese Market Faded

In 2015Q129

Russia and other European exporting nations captured a significantly larger share of a shrinking Chinese softwood lumber market from North American suppliers in the first quarter. Total Chinese softwood lumber imports declined seven percent in the first quarter, slipping to 3.59 million m3, according to figures from Chinese Customs. Imports from Europe gained 12 percent in that time frame, rising to 2.0 million m3. Russia accounted for 81 percent of the European total. Scandinavia shipped 12 percent of the European total. Europe as a whole captured 56 percent of the Chinese import market in the first quarter. That’s up from 47 percent in 2014Q1 and 49 percent through all of last year.

North American deliveries to China dropped 25 percent in the first quarter, sliding to 1.28 million m3. That volume represented 36 percent of total Chinese imports through the first three months of 2015. The US and Canada’s share of the Chinese market had reached 45 percent in 2014Q1 and slipped to 42 percent by year’s end. Canadian exports to China fell 22 percent, while US shipments plunged 46 percent.

Weakening overall demand in China contributed to the declines. North American producers also

shifted their focus toward the US market, citing higher returns. Canadian exports to the US increased 10 percent through February.

Currency exchange rates have given shippers in Russia and other parts of Europe a competitive advantage in China. The Ruble and the Euro have weakened sharply against most foreign currencies, especially the dollar.

The fade in China’s overall imports maintained a slowing trend that began early last year. Total Chinese imports jumped 19 percent in 2013 compared with 2012, but momentum faded throughout 2014, which finished four percent higher than 2013.

China’s ebbing demand was most evident in log imports. After rising eight percent in 2014, first quarter shipments plummeted 21 percent, to 7.0 million m3. Russian log exports to China fell 14 percent, which contributed to a 19 percent decline in total European shipments. North American log exports to China plunged 46 percent in the first quarter.

AustraliaAustralian Residential Building Approvals Reach

Record High30

Record low interest rates and a fast growing population have pushed the number of new home approvals in Australia to an all-time high in March. Approvals for the construction of new homes rose 2.8 percent to 19,419 in March, the highest monthly reading for the figures, which go back to 1983. And it seems Australia is quickly becoming a nation of flat and townhouse dwellers instead of homes on the traditional quarter-acre block.

Housing Industry Association senior economist Shane Garrett said exceptionally low interest rates and strong population were driving a home building boom. “Were it not for the performance of the

TIMBER TRENDS 20


residential construction industry, Australia’s economy would be in a far weaker state,” he said. “New home building continues to benefit from the exceptionally low level of interest rates, as well as strong population growth over recent years in the key homebuyer age group.”

2014 Was An Extremely Strong Year For Australian Housing Construction

Lumber Why Bourbon’s Incredible Popularity Might Actually Be A Problem31

Ever since 2000, lumber has been something of a sore subject in the United States. Growth in Chinese furniture manufacturing has undercut many domestic businesses, turning local hardwood production into more of an export-driven endeavor. And the housing crisis has put a clamp on what was, for decades, a healthy demand for kitchens and flooring made with wood. “It’s been a very difficult industry to be in the last 10 years or so,” said Bill Luppold, who is an economist for the US Forest Service. “We’ve lost so much of our business.”

But while the wood industry at large is suffering, there is actually one segment that seems to be doing just fine. In fact, it might be doing a bit too well. White oak barrels, used to age bourbon, are in such great demand that barrel production is actually struggling to keep up. “People are drinking more bourbon, and that’s increasing the demand for barrels,” said Judd Johnson, the editor of the Hardwood Market Report.

The data certainly seem to bear that out. Bourbon production, in response to the growing craze over Kentucky-distilled whiskey, jumped more than 70 percent between 2009 and 2013, according to data from the Kentucky Distillers’ Association. And that’s actually a bit of a problem. Bourbon barrel production is a particular process, which requires the use of only higher quality wood. As it happens, that fancier wood isn’t as easy to come by.

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“We may have a lot of volume out there, but only 14 percent of it is the grade that could be utilized for stave logs,” Jeff Stringer, a professor at the University of Kentucky who studies hardwood silviculture and forestry, told Farm World this past December. “There is an issue long-term because we’re not seeing enough white oak re-generation as we did at one time.”

Stave logs are the oak planks that barrel-makers piece together and then hold in place with metal loops to make the bourbon barrels. Unlike those used to age other spirits, including tequila, they are never used twice. “The barrels have limited use,” said Johnson. “Since they can’t be used endlessly, that adds to the problem.”

But this problem could also, eventually, prove to be a blessing for the industry down the road. Growing demand from a skyrocketing bourbon boom, which laps up new white oak, never using it twice, means there will be an opportunity for loggers so long as they can supply the demand. And what better incentive than the current markup in wood prices? White oak staves, in response to the rush to supply bourbon barrels, are selling for more than 20 percent above what they were at the start of the year.

Building Materials Recyclable Wood Foam Provides Better

Insulation Than Conventional Foam32

Foam materials are light, inexpensive insulating materials used for preventing damage to fragile goods at the time of shipping, insulating buildings and developing lightweight structures. These materials are, however, not eco-friendly as they are obtained from natural gas or petroleum. Considering the long run, it is necessary to replace these petroleum-based products with materials derived from renewable resources.

A research team from the Fraunhofer Institute for Wood Research, Wilhelm-Klauditz-Institut, (WKI) in Braunschweig has developed a new method of producing foam using wood particles. The new foam material produced from wood is recyclable and environment-friendly. Over the years, wood foam could potentially be a substitute for the traditional materials used for lightweight construction, packaging and thermal insulation. Another benefit of wood foam which cannot be applied in other traditional foam products is its recyclability. For example, wood foam that is used as a packaging material can be simply thrown in the recycling bin for reuse.

The foam is produced by finely grinding wood until all small wood particles turn into a viscous mass. The finely ground wood suspension is then converted into a frothy foam with the introduction of gas, and then the mixture is allowed to harden. The presence of natural substances in the wood aids the hardening process. The resulting wood foam is light in weight, and it can be made into flexible sheets or rigid boards. Further, the foam can be easily cut or sawed to a specific dimension, like any other wood products.

Wood foam is suitable for insulating homes as it is capable of maintaining internal heat and providing a warm environment for the occupants. The plastic foam products produced until now have been derived from petrochemical products. Few alternate wood insulation materials like wood-fiber wool or wood-fiber sheets exist, but they are more susceptible to deformation than foam plastic insulation products.

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Announcements New Zealand Invests NZ$5M In Five-Year

Program To Increase Forestry Competitiveness33

The Government will invest $5 million over seven years in a research partnership to increase the competitiveness of the forestry sector, Science and Innovation Minister Steven Joyce announced. The research will focus on developing a broader range of higher value, better performing wood products from tree species such as Eucalyptus, Douglas-fir and cypresses. The industry’s heavy reliance on radiata pine makes it vulnerable to fluctuations in demands and the threats of pests and diseases. Using other species will help to reduce these risks, and create opportunities to increase competitiveness by tapping into the global demand for higher-value specialty wood products while maintaining a strong focus on sustainability.

Timberland Returns Start 2015 At A Strong

Pace34

The National Council of Real Estate Investment Fiduciaries (NCREIF) Timberland Index returned 1.75 percent for 2015Q1 which is slightly higher than the 1.60 percent return for 2014Q1. The return for the past 12 months was 10.64 percent. The Lake States were again the best performing region for the quarter with a 3.44 percent return, with the Northeast having the second highest return at 2.55 percent return. The South had a return for the quarter of 1.92 percent and the Northeast had a quarterly return of 0.88 percent.

Interfor To Acquire Price Lumber35

Interfor Corp. announced that it has agreed with The Price Companies to acquire Price’s sawmill in Monticello, AR. The Monticello sawmill is located in Southern Arkansas, about 90 miles southeast of Little Rock.

Sierra Pacific To Purchase Simpson’s Shelton,

Washington, Operations36

Sierra Pacific Industries has agreed to acquire the remaining assets of Simpson Lumber Co.’s sawmill operations in the Shelton, WA, area. Included in the purchase are Simpson’s sawmilling equipment in downtown Shelton, at the nearby Johns Prairie complex, and at Dayton, WA. Sierra Pacific separately announced that it would not operate the mills, but will instead build at least one new, state-of-the-art sawmill and lumber planing operation on the Shelton waterfront site. Sierra anticipates that its new mill will be operational sometime in 2017.

TIMBER TRENDS 23


Timberland Transactions HTRG Sold 63,900 Acres In Oregon In 2015Q137

Hancock Timber sold 63,900 acres in Oregon in two separate transactions. The first transaction consisted of 48,100 acres to Murphy Co. for $67.5 million (about $1,400 per acre). The second transaction included 15,800 acres to two buyers, Hampton Affiliates and Starker Forests, for $71.9 million (about $4,560 per acre).

By Far The Bulk Of US Timberland Transactions Are Less Than 25,000 Acres In Extent

Background Reading Harvard University Sees The Good Oil In Sandalwood Plantation38

Harvard University has invested an estimated Au$40 million in a 399-hectare plantation set up and run by Tropical Forestry Services (TFS) in the Douglas-Daly region about 150 kilometers south of Darwin. TFS manages the largest area of Indian sandalwood plantations in the world, with projects in the Northern Territory, Western Australia and Queensland.

Harvard’s interest comes as big pharmaceutical companies focus on the potential for sandalwood oil to treat acne. TFS says its Indian sandalwood oil is part of clinical trials to develop a prescription drug to treat the skin. Last year the company struck a half-billion-dollar deal to sell its sandalwood oil to Nestlé owned company Galderma, which saw the price leap to $US4,500 per kilogram. The company’s head of global products Mario Di Lallo said at the time Galderma would use the oil in various products. “Things like eczema creams, warts, acne, actinic keratosis, which are the pre-cancerous skin lesions that people go and get cut off and burnt off... most things that afflict the skin.”

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Sources: RISI, TMS, IndustryIntel, CG

Source: RISI, TMS, IndustryIntel, CG

TIMBER TRENDS 24


Sandalwood is an endangered species in its homeland of India, with TFS claiming on its website more than 500 million sandalwood incense sticks are burned during worship each day. TFS says “over three tonnes of sandalwood was burned on Gandhi’s funeral pyre”. The oil, which is used in about 70 percent of commercial fragrances, is also used in many religious ceremonies and has been claimed to have anti-inflammatory properties.

Can China Escape The Middle Income Trap?39

In the not too distant past, some Latin American and Southeast Asian states were seen as prime candidates to graduate into the exalted ranks of high-income countries. In the second decade of the 21st Century, nearly all of them are still stuck in economic purgatory, or as economists would call it―the middle income trap. Only a few countries have managed to escape from the dreaded trap―nearly all of them Northeast Asian countries. Now the trillion-dollar question is whether China, the biggest emerging market economy, can make the transition.

In a controversial speech by Chinese finance minister Lou Jiwei last month, he rated his country’s chance of making it as 50:50.

His sense of urgency is principally motivated by the demographic decline in the country as well as a drop in productivity. According to research from the Chinese Academy of Social Sciences, the country’s ageing process is happening at a significantly faster rate than the world average. For example, it took 23 years for China to increase its proportion of the aged population from seven percent to 14 percent. The world average is 40 years. More alarmingly, it takes on average half a century for other countries to increase its aged population from 14 percent to 21 percent. In China it’s taken a record-breaking 11 years. China is losing working age people at a rate of two to three million a year and it will continue to do so for the next two decades.

In a candid reflection, Lou says China has been the principal beneficiary of the World Trade Organization policies and that the country has benefited greatly from the process of opening up to the outside world. Chinese reformers need to constantly remind their countrymen that it is in their vital national interest to stay open and engaged with the world.

The most interesting part of Lou’s speech is his prescription to avoid the middle income trap. The first and foremost solution is to release farmers from agricultural production in order to deal with the pressing of demographic decline. Lou has a surprisingly enlightened attitude on reform in the agricultural sector. He hates subsidies as well as the idea of autarky in food production. He says every level of Chinese government provides subsidies for food production all the way from seeds to the dinner table. “Subsidies distort resource allocation,” he bemoans. He cites the example of corn production in China, which is heavily subsidized. He says farmers in north-eastern provinces should be producing soybean and sorghum but instead they are producing corn due to the government’s subsidies scheme. Lou argues that the price of food in China is higher than on the international market; it is a reflection of the country’s poor farming conditions. The minister argues that once the government lets the market determine price, the result will be a decline in production and the shortfall should be filled with imported foods.

Lou’s solution runs contrary to the widely held idea that China must be self-sufficient in food production. It is one of the few remaining Maoist ideas that still resonate with military planners and the public. The Minister of Finance says China should not be too concerned about food security. “Peace and development are the key trends in the world. For democratically elected countries, they can’t stop agricultural exports. If they do that, they will lose votes,” he said.

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World’s Largest Sovereign Wealth Fund Takes

Stand Against Deforestation40

Norway’s Government Pension Fund Global―the world’s largest sovereign wealth fund―is adopting standards to avoid investing in companies linked to tropical deforestation, sending a strong signal that forest destruction is not an acceptable practice for responsible businesses, reports Rainforest Foundation Norway.

Conducting an analysis of Norway’s Government Pension Fund Global’s (GPFG) annual report, Rainforest Foundation Norway finds that while the fund still invests 137 billion Norwegian Kroner (US$19.7 billion) in sectors tied to deforestation, it has strengthened its policies to reduce exposure to companies that destroy forests.

The guidelines, which apply to companies with direct or indirect impacts of tropical forests, ask firms to disclose climate change risks associated with their operations. Norway expects these companies to have strategies in place for reducing deforestation, protecting forests, adhering to “industry standards and best practices in the sustainable management of forests”, monitoring their supply chains, and disclosing their climate impact and tropical forest footprint.

Beyond divestment in a number of deforesters and its guidelines on forests, the Norwegian government has in recent years emerged as a major funder of tropical forest conservation. Since 2008, the Norwegian Agency for Development Cooperation (NORAD) has committed upward of $3 billion to forest programs in Brazil, Indonesia, Guyana, Tanzania, Mexico, and Congo Basin countries as well as civil society and intergovernmental initiatives.

References1. EUWID via Tree Frog News, 4/24/2015

2. RISI, 4/23/2015

3. Wood Matters, 5/20/2015

4. WRI via IndustryIntel, 4/28/2015

5. Friday Offcuts via IndustryIntel, 5/8/2015

6. ITTO, 16-30 April, 2015

7. ITTO, 16-30 April, 2015

8. RISI, 4/24/215

9. Random Lengths, 5/7/2015

10. WRI, 4/24/215

11. FWPA, 4/29/2015

12. WWPA via RISI, 5/11/2015




16. EUWID via Tree Frog News, 5/1/2015

17. www.ktre.com via Tree Frog News, 5/15/2015

18. WoodWeek, 5/13/2015

19. US DoC via RISI, 5/1/2015


21. JCHS, 5/20/2015

22. NAHB, 5/18/2015


24. RISI, 5/8/2015


26. US Census Bureau via IndustryIntel, 4/23/2015

27. NAR via IndustryIntel, 4/20/2015

http://www.ktre.com

TIMBER TRENDS 26


28. NYT, 5/19/2015


30. Sourceable via Friday Offcuts, 5/14/2015

31. www.stltoday.com via Tree Frog News, 5/12/2015

32. Louisiana Forest Products Development Center, 5/6/2015

33. Press release via IndustryIntel, 5/16/2015

34. NCREIF via IndustryIntel, 4/27/2015



37. TMS via IndustryIntel, 5/12/2015

38. www.abc.net.net.au via Tree Frog News, 5/12/2015

39. China Spectator, 5/8/2015

40. scoop.it, 4/24/2015

https://sourceable.net/residential-building-approvals-reach-record-high/

http://www.stltoday.com

http://www.abc.net.net.au

the economy in graphs - campbell global · 2015 portends a much better year for plywood importers....

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