Senior representatives from the British Columbia Lumber Trade Council (BCLTC) and officials from the Government of BC met in Washington, D.C., this week for four days of critical hearings for the long-standing softwood lumber dispute. “America’s softwood lumber duties are unfair in every measure,” said Bruce Ralston, Minister of Forests. Premier Eby and I also recently urged the federal government to elevate the softwood lumber dispute to the highest-level priority.” From Tuesday, Sept. 10, 2024, until Friday, Sept.13, 2024, the first Canada-United States-Mexico Agreement (CUSMA) dispute settlement panel heard arguments from all parties regarding the countervailing duty determination for the first administrative review. …Kurt Niquidet, president, BC Lumber and Trade Council said “The appeal process is an essential part of CUSMA that needs to occur in a timely fashion to ensure fair trade with our most important trading partner. Delays in the process have made it increasingly difficult for companies across Canada.
The U.S. Department of Agriculture (USDA) today announced the appointment of six members to serve on the Softwood Lumber Board. The appointees will serve three-year terms beginning Jan. 1, 2025, and ending Dec. 31, 2027. The Softwood Lumber Board has 14 members, including 10 domestic manufacturers and four importers. Members can serve up to two consecutive three-year terms.
In 2022, President Joe Biden issued an executive order to save old growth trees on public lands. This year the U.S. Forest Service released a draft National Old Growth Amendment, which could ultimately require weighing the climate impacts of their logging plans, and a commitment to save old growth forests. But that amendment needs to be strengthened before it is finalized. Contrary to current climate science, it includes managing old growth forests with extensive logging, under the guise that logging improves old-growth trees and makes forests more resilient to climate disruptions, extreme heat, fires, and pests. The public and the scientific community are calling on the Forest Service to stop logging old growth forests, and to prioritize the value of forests for climate and biodiversity above the value of timber.
US housing starts bounced back in August after tumbling a month earlier, illustrating uneven residential construction as builders weigh inventory levels against brighter demand prospects tied to falling borrowing costs. Beginning home construction increased 9.6% last month to a 1.36 million annualized rate, the fastest since April, according to government figures released Wednesday. The median estimate of economists surveyed by Bloomberg called for a 1.32 million rate. The report showed overall building permits, a gauge of future construction, rose 5% to a 1.48 million annualized rate, while single-family authorizations increased to a four-month high. New construction of single-family homes increased nearly 16% to an annualized 992,000 pace, the first monthly advance since February. Starts of multifamily projects declined for the first time since May. Builders are awaiting a sustained pickup in demand to help work down an inventory of unsold homes that’s hovering near the highest level since 2008.
The Federal Reserve (Fed), the US central bank, will be in the spotlight on Wednesday, 18 September at 6:00 p.m. UTC, as they announce their latest interest rate decision. The Fed has kept its federal funds rate (FFR) unchanged for over a year. It last raised its base rate in July 2023, citing inflationary pressures. In the current environment of lower inflation and increased concerns about the labour market, reducing the interest rate is possible. According to Reuters, most economists expect the Fed to cut the key rate by at least 25 basis points (bps). Octa analysts believe that the stock market may perceive a 25 bps reduction in the interest rate negatively, and they are clearly expecting a more significant decline. Octa analysts do not expect an interest rate change of more than 25 bps at the upcoming meeting but believe that a rate cut of 50 bps is possible.
Southern Pine lumber has traded in a historically narrow range this year, and traders anticipate that trend to persist through the balance of 2024. A widespread perception that price volatility will remain minimal through the fourth quarter has governed conservative trading strategies throughout the distribution pipeline this summer. …Many note that demand in the South could strengthen as the fall building season approaches and cooler weather allows builders to expand job site activity to lengthier workdays. …However, few traders anticipate demand gaining any appreciable ground on supplies in the months ahead, even if consumption shows a seasonal hike. …The Southern Pine Composite is on pace through August to post the lowest annual average since 2015. 
GEORGIA — State regulators on the Public Service Commission on Tuesday approved a Georgia Power plan to source more energy from burning wood known as “biomass,” despite criticism from consumer advocates about its relatively hefty price tag. An independent evaluator found the trio of contracts for which the monopoly utility was seeking approval would cost customers two to three times more than other sources of energy. The biomass proposal had been opposed by environmental and consumer advocates, who said it would cost Georgia Power customers billions of extra dollars on top of already-approved rate hikes. …In hearings about the biomass proposal over the past few weeks, regulators acknowledged the high cost for Georgia Power customers, but said they were motivated by a desire to give an economic boost to rural parts of the state that rely on the timber industry. The vote Tuesday was 4-1 in favor.
Agriculture Secretary Tom Vilsack announced the Biden-Harris Administration is investing $100 million in 21 new projects to expand work on the USDA Forest Service’s 
