Category Archives: Finance & Economics

Finance & Economics

Canadian Lumber Duties Jump Above 25% — With Higher Levies to Come Soon

The National Association of Home Builders
July 28, 2025
Category: Finance & Economics
Region: Canada, United States

The U.S. Commerce Department has announced it is nearly tripling its anti-dumping duties on Canadian lumber imports from 7.66% to 20.56% following its annual review of existing tariffs. The anti-dumping duties are in addition to current countervailing duties set at 6.74%, which would bring the total lumber duties above 27%. However, the countervailing duty rate is expected to move higher on Aug. 8. Commerce issued a preliminary determination on countervailing duties earlier this year that would raise the countervailing duty rate to 14.38%. Moreover, President Trump’s Section 232 [investigation] could result in higher lumber tariffs. …For years, NAHB has been leading the fight against lumber tariffs because of their detrimental effect on housing affordability. In effect, the lumber tariffs act as a tax on American builders, home buyers and consumers. …We are also urging the administration to move immediately to enter into negotiations with Canada on a new softwood lumber agreement that will… eliminate tariffs altogether.

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Conflict over Canadian lumber duties Claims and counter claims: Barking up the wrong tree?

HBS Dealer
July 28, 2025
Category: Finance & Economics
Region: Canada, United States

The US Lumber Coalition (USLC) has aggressively promoted strong enforcement of US trade laws and railed against “unfair Canadian trade practices.” …The USLC’s arguments have been challenged by a pair of Canadian independent consultants — Russ Taylor Global and Spar Tree Group:

  • The USLC release: “Canada’s built-for-export excess softwood lumber production capacity is huge and unsustainable, at around 8 billion board feet,” said Miller. “And Canada’s focus on maintaining its U.S. market share at any cost is hugely detrimental the profitability and growth of the U.S. softwood lumber industry.”
  • The Canadian consultants: “Canada’s focus on maintaining its US market share?” To the contrary, Canada’s market share has been trending downwards for approximately thirty years, and Canada’s 2024 share of US softwood lumber consumption was 23.6% according to WWPA data. This trend is due, in part, to the closure of 53 sawmills in BC alone since 2005. In terms of sawmill profitability, the US South has been the highest margin region in North America.

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Canada Housing Market Braces for Extended Pricing Slump

By Paul Vieira and Robb Stewart
The Wall Street Journal
July 29, 2025
Category: Finance & Economics
Region: Canada

OTTAWA—Home buyers and builders in Canada are in retreat, adding to the woes of an economy struggling under the weight of President Trump’s tariffs. Housing helped spur growth in Canada just prior to, and after the worst of, the Covid-19 pandemic. …Data this month indicated existing-home sales climbed modestly for three straight months as of June. But economists and real estate agents are far from convinced it signals recovery after a tariff-fueled slowdown. They note the sales rebound was the result of sellers cutting their listing price. Housing affordability remains stretched in Canada, according to the Bank of Canada data. …For builders, prices for new homes are failing to cover higher costs for labor, loans and taxes and fees set at the municipal level. The Canadian Home Builders’ Association said its own confidence index is at historically pessimistic levels. [to access the full story a WSJ subscription is required]

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Homebuilders navigate higher material costs, uncertain supply chains amid trade war

By Sammy Hudes
The Canadian Press in the Times Colonist
July 27, 2025
Category: Finance & Economics
Region: Canada

As a tariff storm blew in from south of the border earlier this year, many industries in Canada, including the home building sector, feared the unknown ahead of them. With stakeholders already keenly aware of the need to rapidly scale up housing supply and improve Canada’s housing affordability gap, blanket tariffs and more targeted material-specific levies meant additional unwelcome obstacles to overcome. That included a potential need to slow down the pace of construction as supply chains shifted and key construction parts became more expensive. …About six months after US President Trump’s return to the White House, many in the home construction sector say unpredictability persists around the cost and timing of obtaining the materials they need. For Geranium Homes, a residential developer in southern Ontario, that’s meant having to pivot on the fly when it comes to the supply chains it’s long relied on.

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West Fraser Timber reports Q2, 2025 loss of $24 million

West Fraser Timber Co. Ltd.
July 23, 2025
Category: Finance & Economics
Region: Canada, United States

VANCOUVER, BC — West Fraser Timber reported the second quarter results of 2025. …Second quarter sales were $1.532 billion, compared to $1.459 billion in the first quarter of 2025. Second quarter earnings were $(24) million compared to earnings of $42 million in the first quarter of 2025. Second quarter Adjusted EBITDA was $84 million compared to $195 million in the first quarter of 2025. Highlights include: Lumber segment Adjusted EBITDA1 of $15 million; North America Engineered Wood Products (“NA EWP”) segment Adjusted EBITDA1 of $68 million; Pulp & Paper segment Adjusted EBITDA1 of $(1) million; and Europe Engineered Wood Products (“Europe EWP”) segment Adjusted EBITDA1 of $2 million. “Demand for many of our wood-based building products slowed in the second quarter as spring building activity fell short of our expectations. This was more acute in our NA EWP segment, which experienced further easing of demand as the quarter progressed, consistent with government data pointing to softer U.S. new home construction,” said CEO Sean McLaren.

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Trade panel remands Commerce’s antidumping methods in softwood lumber dispute

CUSMA Panel Review
July 23, 2025
Category: Finance & Economics
Region: Canada, United States

A CUSMA Chapter 10 binational panel remanded [for further explanation] two statistical methodologies in the US Department of Commerce’s Administrative Review 1 antidumping duty determination on Canadian softwood lumber, requiring Commerce to reassess its use of the Cohen’s d test and to apply weighted pooled variances in its meaningful-difference analysis according to the panel’s Decision and Order. …The panel affirmed all other aspect of the results challenged in this appeal…The review stems from a December 22, 2020 request by Resolute Forest Products and the Ontario Forest Industries Association. …The panel remanded Commerce’s application of Cohen’s d because the Federal Circuit’s decision in Marmen Inc. v. United States Wind Tower Trade Coalition requires that the test’s key assumptions, normal data distribution, equal variances and adequate sample size, be demonstrated before use. …The panel also remanded Commerce’s pooling of variances, directing the Department to use weighted pooled variances that reflect differing sample sizes. …Commerce must respond by October 20, 2025.

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Lethargic sales in most framing lumber markets despite anticipation of increased duties on imports from Canada

By Joe Pruski
RISI Fastmarkets
July 23, 2025
Category: Finance & Economics
Region: Canada, United States

Lumber markets remained flat this week as vacation time, industry gatherings, sweltering heat and general economic uncertainty contributed to sluggish sales. Minimal immediate needs limited replenishment purchases to modest volumes while a lack of clarity regarding near-term prospects stifled speculative trading across North American framing lumber markets. 2×4 led gains in many species, but the increases were modest. Seasonal factors, including unusually heavy rainfall and normal summer heat, contributed to the ongoing sluggish pace across the South. Mills worked hard to capture modest premiums. The coming hike in duties on Canadian shipments to the US did little to alter the ongoing lack of urgency among buyers. …Sales of Western S-P-F were governed by tepid demand and uncertainty regarding the timing and scope of higher duties and potential tariffs. …Sales in the Coast region were lukewarm with most lumber markets trends holding. 

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Lumber Furtures Trade Above $680

Trading Economics
July 23, 2025
Category: Finance & Economics
Region: Canada, United States

Lumber futures traded above $680 per thousand board feet, approaching the two-and-a-half-year peak of $685 recorded on March?24th, driven by a squeeze on supply meeting unfaltering construction demand. On the demand front, US housing starts held surprisingly steady at an annualized 1.6?million units in June even as existing-home sales slipped 2.7% to a nine-month low, ensuring that framing requirements remained robust. At the same time, US softwood lumber tariffs on Canadian imports continue to add roughly 9% to landed costs, while Pacific Northwest mills have withdrawn nearly 20% of regional capacity for mid-season maintenance, sharply curtailing shipments to distributors. Internationally, imports from Europe and New?Zealand are throttled by 25% duties on Russian lumber and persistent ocean-freight bottlenecks, collectively depleting distributor inventories to their lowest levels in more than two years and reinforcing today’s sharp advance in futures prices. [END]

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Canada tariffs could add $14,000 to the cost of building a home by 2027, report warns

By Samantha Delouya
CNN Business
July 22, 2025
Category: Finance & Economics
Region: Canada, United States

President Trump’s tariffs could have an unintended side effect: making homeownership even less affordable for many Americans. A new report from the Canadian Chamber of Commerce estimates that the average cost of building a US home could rise by an additional $14,000 by the end of 2027 if tariffs on Canadian imports remain in place, even as many experts estimate that America needs millions more affordable homes. In 2023 alone, Canada accounted for 69% of US lumber imports, 25% of imported iron and steel and 18% of copper imports, all key construction materials, the report said. The White House pushed back on the assertion that tariffs would increase costs for Americans. …The report underscores that Trump’s tariff policy, intended to support American industry, may instead worsen housing affordability. Taking into account tariffs first imposed during Trump’s first term, the total added cost from tariffs could reach $20,000 per home by 2027, the Canadian Chamber of Commerce found.

Related coverage in the Washington Examiner: Trump tariffs on Canada could increase domestic cost of homebuilding by $14,000

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Homebuilding alone won’t solve Canada’s housing crisis

By Jake Fuss and Austin Thompson
The Fraser Institute in National Newswatch
July 21, 2025
Category: Finance & Economics
Region: Canada

During April’s election campaign, the Carney government promised to double the pace of homebuilding in Canada by 2035—an unlikely outcome in light of Canada’s shortage of construction workers and investment dollars. But even if homebuilding were miraculously doubled, it would not solve Canada’s housing affordability crisis. That’s the sobering conclusion of a recent report from the Canada Mortgage and Housing Corporation (CMHC), which modelled what would happen if the rate of homebuilding between 2025 and 2035 were double what it is today. Even under this hypothetical decade-long homebuilding bonanza, average home prices would still rise by 20 per cent in Toronto (to $1.4 million) and eight per cent in Vancouver (to $1.6 million), while nationwide rents would climb by more than one-third. Housing affordability would gradually improve as incomes rise, but by 2035 it would only return to 2019 levels, when many renters and homebuyers were already struggling to afford a home.

In related Fraser Institute news: Alberta sets pace on new housing construction—rest of Canada should catch up

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Lumber Futures Rise Past $650

Trading View
July 15, 2025
Category: Finance & Economics
Region: Canada, United States

Lumber futures traded above $650 per thousand board feet, hovering near April highs driven by tightening US sawmill output and dwindling import volumes, both of which are near their lowest levels in half a decade. Domestic production in the first quarter slipped year-on-year, and imports, including softwood lumber from Canada, have contracted sharply, leaving US framing material availability at its leanest since 2019. At the same time, builders are contending with looming tariff hikes that could push duties on Canadian lumber from roughly 14.5% today toward the mid-30s, adding several thousand dollars to the cost of new homes. Although a modest pull-back in construction activity has softened recent gains, overall demand remains sufficient to absorb current supply, and without a rapid expansion in US mill capacity or alternative sourcing, these supply constraints, compounded by rising trade barriers, are likely to sustain upward pressure on lumber prices in the months ahead.

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Canadian housing starts post 0.4% rise in June compared to May

Canada Mortgage and Housing Corporation
July 16, 2025
Category: Finance & Economics
Region: Canada

OTTAWA – Canada Mortgage and Housing Corp. says the annual pace of housing starts in June edged up 0.4 per cent compared to May. The seasonally adjusted annual rate of housing starts amounted to 283,734 units in June, up from 282,705 in May. CMHC says actual housing starts in centres with a population of 10,000 or greater amounted to 23,282 units in June, up 14 per cent from 20,509 in June last year. The six-month moving average of the seasonally adjusted annual rate starts across Canada rose 3.6 per cent in June to 253,081. …The trend measure is a six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada. Actual housing starts were up 14% year-over-year in centres with a population of 10,000 or greater, with 23,282 units recorded in June, compared to 20,509 units in June 2024. The year-to-date total was 114,411, up 4% from the same period in 2024. 

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Canada’s annual inflation rate in June slightly up to 1.9%

By Promit Mukherjee
Reuters in Yahoo! Finance
July 15, 2025
Category: Finance & Economics
Region: Canada

OTTAWA — Canada’s annual inflation rate rose to 1.9% in June, meeting analysts’ expectations, as increases in the price of automobiles and clothing and footwear pushed the index higher, data showed on Tuesday. The consumer price index was at 1.7% in the prior month. Statistics Canada said on a monthly basis the CPI increased 0.1%, matching analysts’ forecasts. It is for the third month in a row that the CPI has been under 2%, or the mid-point of Bank of Canada’s inflation target range. This is the last major economic indicator to be released before the Bank of Canada’s rates decision later this month. The slight rise in prices across many segments, along with a strong jobs number last week, is likely to take away any incentive to cut interest rates, economists had earlier predicted. …Shelter prices rose by 2.9%, its first drop below 3% in more than four years.

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Canada’s economy added 83K jobs in June, muting chance of a BoC rate cut

By John MacFarlane
Yahoo! Finance
July 11, 2025
Category: Finance & Economics
Region: Canada

Canada’s labour market defied expectations in June, adding a net 83,100 jobs while the unemployment rate dropped to 6.9%, according to Statistics Canada data released on Friday. The figures make a Bank of Canada interest rate cut less likely, economists say, and will likely move the focus to upcoming inflation data. Financial industry experts had expected the job market to stay essentially flat last month, forecasting a net loss of 3,000 jobs, according to consensus estimates published by the Bank of Montreal. Expectations were for the unemployment rate to increase 0.1 percentage point to 7.1%. The results show the “resilience” of Canada’s labour market, which will be noted by the Bank of Canada, CIBC economist Katherine Judge writes following the release. “While the unemployment rate is still elevated, the strength in other measures in this report clearly diminishes the odds of a BoC cut” at the July 30 interest rate announcement, she says.

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BC/Canada’s dilemma in the US and export markets

By Russ Taylor, Russ Taylor Global
Truck LoggerBC Magazine
July 3, 2025
Category: Finance & Economics
Region: Canada, United States, International

Russ Taylor

Today’s lower prices put BC Interior SPF mills back near break-even levels at current lumber prices and with 14.4% duties, with other Canadian regions looking to be marginally profitable. …In August, Canadian lumber will be subject to elevated US import duties (~34.5%). This factor alone will require Canadian lumber prices in the US market to rise by another 10% – 20%. Any tariffs imposed on Canada and/or other countries will only increase lumber prices further to attract enough imports into the US market. If prices do not rise enough, then expect mill curtailments in BC. …No one knows if or when tariffs could be applied to timber and wood products as well as derivative products from the US Section 232 investigation and what the tariff levels might be by country. If tariffs are applied, that will cause some major dislocations to the BC and Canadian lumber industry, as higher costs for imported lumber will ultimately cause US lumber prices to rise. 

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Goodfellow Reports Its Results for the Second Quarter Ended May 31, 2025

By Goodfellow Inc.
Globe Newswire
July 10, 2025
Category: Finance & Economics
Region: Canada, Canada East

DELSON, Quebec — Goodfellow Inc. announced today its financial results for the second quarter ended May 31, 2025. For the three months ended May 31, 2025, the Company reported net earnings of $2.5 million or $0.29 per share compared to net earnings of $5.3 million or $0.62 per share a year ago. Consolidated sales were $152.9 million compared to $140.3 million last year. For the six months ended May 31, 2025, the Company reported net earnings of $0.2 million or $0.02 per share compared to net earnings of $5.2 million or $0.61 per share a year ago, while consolidated sales were $264.1 million compared to $245.7 million last year. At the midpoint of fiscal 2025, Goodfellow’s performance can be characterized as evolving due to challenging market dynamics and inflationary pressures on operational costs. During the second quarter, the Company saw a notable shift in consumer preference toward Canadian-sourced wood products, driven mainly by growing concerns around evolving U.S. trade policy. This shift contributed to modest domestic demand and price stability across several product categories.

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US Homeownership Rate Declines to Lowest Level Since 2019

By Na Zhao
NAHB Eye on Housing
July 28, 2025
Category: Finance & Economics
Region: United States

The latest homeownership rate declined to 65% in the second quarter of 2025, marking its lowest level since late 2019, according to the Census’s Housing Vacancy Survey (HVS). With mortgage interest rates remaining elevated and housing supply still tight, housing affordability is at a multidecade low. Compared to the peak of 69.2% in 2004, the homeownership rate is currently 4.2 percentage points lower and remains below the 25-year average rate of 66.3%. …Householders aged 45-54 experienced the largest drop. …The national rental vacancy rate inched down to 7% for the second quarter of 2025, after steadily increasing since 2021. Meanwhile, the homeowner vacancy rate stayed at 1.1%, remaining near the survey’s 67-year low of 0.7%.

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America’s largest homebuilder D.R. Horton isn’t seeing an acceleration in softening

By Lance Lambert
ResiClub Analytics
July 23, 2025
Category: Finance & Economics
Region: United States

On Tuesday, D.R. Horton—America’s most valuable and largest homebuilder, with a $46 billion market capitalization and ranked No. 123 on the Fortune 500—reported its third-quarter earnings for the three months ending June 30. While D.R. Horton’s earnings didn’t wow investors, the fact that there wasn’t an accelerated softening beyond what homebuilders—including D.R. Horton—had already reported earlier this year was enough for some Wall Street investors to buy back into homebuilder stocks. …COO Michael Murray says, “It [higher duties on Canadian lumber] will have some potential impact, but we’ve not quantified that. I know it is a significant step up in the tariff rates, I think, going to effect next month. But, you know, we’re buying some percentage of that wood and there’s some substitutionary product that would be available as well. Based on where that pricing ultimately settles.”

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What the US’ 50% Tariff on Brazil Could Mean for Pulp and Paper Markets

ResourceWise Forest Products Blog
July 17, 2025
Category: Finance & Economics
Region: United States, International

On July 9, 2025, US President Trump announced plans to impose a 50% tariff on all imports from Brazil, with the new policy slated to take effect August 1, 2025. …The Brazilian government stated it would take reciprocal measures. …The announcement has drawn attention from a wide range of industries, particularly those with significant US–Brazil trade exposure. These include forest products… Brazil is a global leader in pulp production with the US playing both a direct trade partner role and a downstream consumer of Brazilian fiber-based materials. …Brazil produces 29% of the global market pulp capacity. This means many countries rely on imports from Brazil to support domestic demand across paperboard, packaging, hygiene, and tissue segments. …For US companies, Brazilian hardwood pulp is a crucial feedstock for high-performance and cost-effective paper production. Any shift in trade policy—such as a potential 50% tariff—could dramatically alter sourcing economics, disrupt supply agreements, and push buyers to reassess supplier portfolios.

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Finish firm UPM reports Q2, 2025 earnings of €71 million

Reuters in Trading View
July 24, 2025
Category: Finance & Economics
Region: United States, International

Finnish forestry group UPM-Kymmene reported a 31% drop in its second-quarter operating profit, as uncertainty related to President Donald Trump’s trade policies weakened demand and the U.S. dollar. The group has five US sites for producing paper and labelling materials and it also exports products into the country, though the tariff effects were felt globally. “UPM Fibres was indirectly impacted by the escalating trade tensions. In China, orders halted during the height of the trade tensions between the US and China,” CEO Massimo Reynaudo said in the statement. …It also forecast a comparable operating profit of 425-650 million euros for the second half of 2025, up from the 413 million it had recorded in the first six months of the year.

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Top 10 Builder Market Share Across Each of the 50 Largest US Markets

By Sarah Caldwell
NAHB Eye on Housing
July 22, 2025
Category: Finance & Economics
Region: United States

An earlier post described how the top 10 builders1 in the country captured a record 44.7% of new single-family closings in 2024. BUILDER Magazine has now released additional data on the top ten builders within each of the 50 largest new home markets in the U.S., ranked by single-family permits. It is important to note that this post does not focus on the top ten largest home builders nationally; instead, it analyzes the top ten list within each of the largest 50 new housing markets. The 2024 data show that the top 10 builder concentration in the 50 largest markets ranged from 38.9% in Kansas City, MO-KS to 97.8% in Cincinnati, OH. In 11 metro areas, the top ten builders’ market share exceeded 90%. Across all 50 metro areas, the average market share of the top 10 builders was 79.3%, up from 78.2% in 2023.  

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The Conference Board Leading Economic Index for the US Declined in June

The Conference Board
July 21, 2025
Category: Finance & Economics
Region: United States

The Conference Board Leading Economic Index® (LEI) for the US declined by 0.3% in June 2025 to 98.8 (2016=100), after no change in May. As a result, the LEI fell by 2.8% over the first half of 2025, a substantially faster rate of decline than the –1.3% contraction over the second half of 2024 “The US LEI fell further in June,” said Justyna Zabinska-La Monica at The Conference Board. “For a second month in a row, the stock price rally was the main support of the LEI. But this was not enough to offset still very low consumer expectations, weak new orders in manufacturing, and a third consecutive month of rising initial claims for unemployment insurance. In addition, the LEI’s six-month growth rate weakened, while the diffusion index over the past six months remained below 50, triggering the recession signal for a third consecutive month. 

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Slower Growth Projected For Remodelling Into Next Year

JCHS – Joint Center for Housing Studies of Harvard University
July 17, 2025
Category: Finance & Economics
Region: United States

CAMBRIDGE, Massachusetts – Annual expenditures for improvements and maintenance to owner-occupied homes are expected to soften in 2026, according to the Leading Indicator of Remodeling Activity (LIRA) released by the Joint Center for Housing Studies of Harvard University. The LIRA projects that year-over-year spending for home renovation and repair will increase by just 1.2 percent by the second quarter of 2026. “Weakness in the current housing market is expected to have a dampening effect on home improvement spending,” says Rachel Bogardus Drew, Director of the Remodeling Futures Program. “Slowing construction starts and remodeling permitting activity, which are key factors in predicting future remodeling expenditures, are also putting downward pressure on home improvement growth.” “It will be important to keep an eye on whether the housing market shows any sign of rebound in the second half of the year, to assess if this slowdown is the beginning of a more significant downturn,” says Chris Herbert.

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US Consumer Sentiment in July is Little Changed From June

The University of Michigan
July 20, 2025
Category: Finance & Economics
Region: United States

Consumer sentiment was little changed from June, inching up about one index point to 61.8. While sentiment reached its highest value in five months, it remains a substantial 16% below December 2024 and is well below its historical average. Short-run business conditions improved about 8%, whereas expected personal finances fell back about 4%. Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future. …Year-ahead inflation expectations fell for a second straight month, plunging from 5.0% last month to 4.4% this month. Long-run inflation expectations receded for the third consecutive month, falling back from 4.0% in June to 3.6% in July. Both readings are the lowest since February 2025 but remain above December 2024, indicating that consumers still perceive substantial risk that inflation will increase in the future.

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US Single-Family Starts Weaken in June but Multifamily Starts Increase More Than Expected

By Robert Dietz, Chief Economist
NAHB Eye on Housing
July 18, 2025
Category: Finance & Economics
Region: United States

Single-family housing starts declined in June to the lowest rate since July 2024 as elevated interest rates, rising inventories and ongoing supply-side issues continue to act as headwinds for the housing sector. Due to a solid increase in multifamily production, overall housing starts increased 4.6% in June to a seasonally adjusted annual rate of 1.32 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The June reading of 1.32 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 4.6% to an 883,000 seasonally adjusted annual rate and are down 10% compared to June 2024. The multifamily sector, which includes apartment buildings and condos, increased 30% to an annualized 438,000 pace.

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‘Just look at what happened last time’: US exporters fear Trump trade war fallout

By Daniel Desrochers
Politico
July 16, 2025
Category: Finance & Economics
Region: United States

President Donald Trump’s flurry of tariff letters to more two dozen countries has triggered new threats of retaliation. Key US industries are increasingly worried they are going to be collateral damage. The European Union on Monday released a targeted list of $88 billion worth of US goods it plans to tariff if it doesn’t make more progress in trade talks with Trump. Brazil, staring down a 50% duty on its exports to the US over Trump’s frustration with their domestic politics. …While the hardening battle lines in the negotiations could be part of each sides’ effort to force more concessions, domestic business groups aren’t counting on it. Instead, they are mobilizing to try and convince both the Trump administration and foreign governments that it would be a mistake to target their industries. …On Tuesday, the president dismissed the idea that the EU may go through with their proposed retaliatory tariffs.

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US Builder Confidence Edges Up in July

By Robert Dietz, Chief Economist
NAHB Eye on Housing
July 17, 2025
Category: Finance & Economics
Region: United States

Builder confidence for future sales expectations received a slight boost in July with the extension of the 2017 tax cuts, but elevated interest rates and economic and policy uncertainty continue to act as headwinds for the housing sector. Builder confidence in the market for newly built single-family homes was 33 in July, up one point from June. Builder sentiment has now been in negative territory for 15 consecutive months. …Consistent with ongoing weakness for the HMI, single-family housing starts will post a decline in 2025 due to ongoing housing affordability challenges per the latest NAHB forecast. Single-family permits are down 6% on a year-to-date basis and builder traffic in the HMI is at a more than two-year low. …The HMI index gauging current sales conditions rose one point in July to a level of 36 while the component measuring sales expectations in the next six months increased three points to 43.

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US Inflation Picks Up as Tariffs Take Hold

By Fan-Yu Kuo
NAHB – Eye on Housing
July 15, 2025
Category: Finance & Economics
Region: United States

Inflation rose to a 4-month high in June as consumer prices began to reflect tariff policy. The Consumer Price Index increased from 2.4% in May to 2.7% in June year-over-year, according to the Bureau of Labor Statistics’ report. Despite the increase, core inflation came in softer than expected, suggesting full tariff impacts will likely push inflation even higher in the coming months. Meanwhile, housing inflation continued to show signs of cooling and matched the lowest level since November 2021. During the past twelve months, on a non-seasonally adjusted basis, the Consumer Price Index rose by 2.7% in June, the highest since February 2025. Excluding the volatile food and energy components, the “core” CPI increased by 2.9% over the past twelve months. A large portion of the “core” CPI is the housing shelter index, which increased 3.8% over the year, the lowest reading since November 2021.

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Trump announces deal with Indonesia, EU releases list of counter-tariffs

Yahoo! Finance
July 15, 2025
Category: Finance & Economics
Region: United States, International

President Trump announced his team struck a trade deal with Indonesia on Tuesday and said details would be forthcoming. …The announcement comes after Trump unveiled a new batch of letters to over 20 trade partners outlining tariffs on goods imported from their countries beginning in August. The letters set new baseline tariff levels at 20% to 40% — except for a 50% levy on goods from Brazil. …Trump has also escalated tariff tensions with Canada, Mexico, and the European Union recently. On Thursday, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The EU has been preparing options for a trade deal, while also preparing an extensive list of counter-tariffs that would affect 72 billion euros ($84 billion USD) of American products should talks fail. “There will be a huge impact on trade,” the EU’s chief negotiator said Monday.

Related in the Associated Press: EU ministers plan countermeasures to Trump’s 30% tariffs

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US Remodeling Market Sentiment Dips in Second Quarter

By Eric Lynch
The NAHB Eye on Housing
July 10, 2025
Category: Finance & Economics
Region: United States

In the second quarter of 2025, the NAHB/Westlake Royal Remodeling Market Index (RMI) posted a reading of 59, down four points compared to the previous quarter. While this reading is still in positive territory, some remodelers, especially in the West, are seeing a slowing of activity in their markets. The second-quarter reading of 59 marks only the second time the RMI has dipped below 60 since the survey was revised in the first quarter of 2020. Higher interest rates and general economic uncertainty have affected consumer confidence and are headwinds for remodeling, but not to the extent that they have been for single-family construction, as is evident in June’s negative reading from the NAHB/Wells Fargo Housing Marketing Index (HMI). As a result, NAHB is still forecasting solid gains for remodeling spending in 2025, followed by more modest, but still positive, growth in 2026. …The Current Conditions Index averaged 66, down five points from the previous quarter.  

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Prices are now starting to rise because of tariffs. Economists say this is just the beginning

By Alicia Wallace
CNN Business
July 10, 2025
Category: Finance & Economics
Region: United States

Economists, researchers and analysts have warned that President Trump’s tariffs on most goods will deliver a taxing blow to consumers via higher prices. However, recent months’ economic data has shown that overall inflation has remained fairly tame. Trump touts the positive economic reports as signs that tariffs are working. However, the chorus of concern is growing: Prices are moving higher, and economists say this is just the beginning. Here’s a look at the mechanisms behind why price hikes, and hotter inflation, are a slow burn: Tariffs have been applied in a staggered manner; …Trade policy and tariffs are in flux; …Shipping takes time; …Domestic supply chains take time, too; …Inventories were loaded up before tariffs hit; …Some costs are being eaten; …Businesses are hesitant to pass on higher prices; …Awareness of goods prices is lower in summer than fall and winter; …Economic data is often lagged; …Inflation indices are comprehensive.

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Tariffs to push new home construction costs up 3% by year-end, Bank of America warns

By Candyd Mendoza
Mortgage Professional America Magazine
July 8, 2025
Category: Finance & Economics
Region: United States

The cost of building a new home in the US could rise by 3% by the end of 2025, driven by tariff pressures, according to a new report from Bank of America. The bank reports that despite price growth slowing since its pandemic-era peak, new home prices remain elevated relative to income. Average prices jumped from $371,100 in Q2 2020 to $525,100 in Q4 2022. …While the average size of US homes has declined by 12% over the last decade, the cost of building materials has continued to climb. “We estimate the value of content in an average US new single-family home was $102k in 2024,” the report said. “We estimate the bill of materials to build a house has increased at a 3.6% CAGR from $23K in 1982, consistently outpacing overall inflation over the last 40+ years.” …One of the key drivers of rising construction costs is tariffs.

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Confused about where things stand with Trump’s tariffs? Here’s a handy primer

By Scott Horsley
NPR – National Public Radio
July 9, 2025
Category: Finance & Economics
Region: United States

This week was supposed to mark the deadline for other countries to strike trade deals with the US — or face tariffs of up to 49% on the goods they sell in the United States. President Trump is still threatening sky-high import taxes, but he has pushed back the effective date to Aug. 1, sowing even more uncertainty. Here’s an update on where Trump’s tariff policy stands, from which tariffs he has in place to which countries are currently affected. A 10% tariff applies to just about everything the US imports. …Higher tariffs on tap for other countries — maybe. …China already has a higher tariff after tit-for-tat retaliations. …The European Union could also face stiffer tariffs. …Mexico and Canada face special scrutiny. …The U.K. and Vietnam are the only two countries with deals in place. …Separate tariffs apply to steel, aluminum and autos. …But tariffs also face a legal challenge.

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PotlatchDeltic Reports Q2, 2025 net income of $7.4 million

PotlatchDeltic Corporation
July 28, 2025
Category: Finance & Economics
Region: United States, US West

SPOKANE, Washington — PotlatchDeltic reported net income of $7.4 million on revenues of $275.0 million for the quarter ended June 30, 2025. Net income was $13.7 million on revenues of $320.7 million for the quarter ended June 30, 2024. …”Our overall financial results were solid in the second quarter, even amid ongoing economic and trade policy uncertainty,” said Eric Cremers, President and CEO. “This quarter our Timberlands and Real Estate businesses performed well, while our Wood Products segment continued to be impacted by soft demand across lumber markets. 

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Weyerhaeuser reports Q2, 2025 net earnings of $87 million

Weyerhaeuser
July 24, 2025
Category: Finance & Economics
Region: United States, US West

SEATTLE — Weyerhaeuser reported second quarter net earnings of $87 million on net sales of $1.9 billion. This compares with net earnings of $173 million on net sales of $1.9 billion for the same period last year and net earnings of $83 million for first quarter 2025. …Adjusted EBITDA for second quarter 2025 was $336 million, compared with $410 million for the same period last year and $328 million for first quarter 2025. “Our teams delivered solid operating performance in the second quarter,” said CEO Devin W. Stockfish. …Weyerhaeuser anticipates third quarter earnings before special items will be approximately $60 million lower than the second quarter and Adjusted EBITDA will be approximately $80 million lower than the second quarter due to the timing and mix of real estate sales. 

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Georgia Forestry Association Leverages Data in Latest Land Use Report

GlobeNewswire Press Release
July 22, 2025
Category: Finance & Economics
Region: United States, US East

The Georgia Forestry Association’s latest report, Shifting Ground, draws on land transaction insights to examine how forest ownership and land use are evolving across the state. Featured in the Summer 2025 issue of Georgia Forestry magazine, the report carries the “Powered by Acres” designation, a mark that signals credible, data-backed research built on the Acres platform. The analysis examines key trends influencing Georgia’s forestland market, including generational turnover, external investment, and the emergence of diversified income streams, including hunting leases, carbon credits, and solar development. Acres’ data shows forestland sales in Georgia have remained strong at $3.5 to $4 billion annually since 2020, with average price per acre holding firm despite broader economic fluctuations. “Access to transparent, reliable data is essential to understanding how Georgia’s forest landscape is changing,” said Tim Lowrimore, President and CEO of the Georgia Forestry Association.

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Stora Enso beats quarterly profit view, flags challenging market conditions in 2025

Stora Enso
Reuters
July 22, 2025
Category: Finance & Economics
Region: International

Finnish forestry group Stora Enso’s quarterly operating profit beat estimates on Wednesday, but the company expects subdued and volatile demand to persist through the rest of 2025. Stora Enso expects an adverse impact of “around or somewhat above” 100 million euros on the full-year adjusted earnings before interest and taxes, due to the scaling up of a new consumer packaging board line at the Oulu site. The ramp-up had an impact of about 50 million euros in the second quarter. …The company’s adjusted operating profit, or EBIT, fell to 126 million euros ($147.8 million) in the second quarter, above analysts’ 122.7 million euro forecast, according to a poll by Vara Research. Its shares rose 5% in afternoon trading, while domestic peer UPM was up around 2%.

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European pulp and paper sector remains resilient in uncertain times

By Steve Katz
Label & Narrow Web
July 11, 2025
Category: Finance & Economics
Region: International

The Cepi key statistics report 2024 shows that pulp and paper sector remained resilient in 2024, with a recovery that has partly offset the decline of 2021-2023. While regulatory conditions for global competitiveness is still an issue, sustainability and decarbonization remain priorities. Paper and Board consumption increased by 7.0% in 2024, slightly less than initially expected, but production recorded a higher rebound than first found in Cepi preliminary statistics, published in February (+ 5.9%). Final figures also confirm that the growth has been recorded across all segments of the pulp and paper industry. Packaging paper and board production leads the way with a 6.7% production increase and tissue paper production increased by 5.6%. Graphic paper, used for books, newsprint, and printing and writing paper, has at least temporarily halted a historical downward movement, with a production increase of 3.8% in 2024.

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UK Softwood Update: June sees cracks in structural softwood demand

By Stephen Powney
The Timber Trades Journal
July 10, 2025
Category: Finance & Economics
Region: International

UK softwood traders enjoyed a period of strong trading through the first two months of Q2, supported by a rise in demand gaining momentum through both April and May. This followed on from a stable Q1 when imports increased by just under 2% against the same period in 2024. Since the beginning of this year, a number of Nordic producers were short of spruce logs for structural grades, and in many cases switched to pine. That move had a knock-on effect on the amount of redwood available for production at some mills. With good demand and some shortages, Q2 prices moved upwards, not only to the UK but other markets in Europe and the US as well. However, the UK merchants adopted a more sceptical and cautious approach. Many held back from making longer-term commitments on the forward market to ensure the recovery and stability in the market was sustainable.

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Forests attract billions as timber becomes Europe’s new green asset

Interior Daily
July 10, 2025
Category: Finance & Economics
Region: International

Timber and forestry investment is gaining ground in Europe, as private equity increasingly shifts towards climate-aligned strategies. A recent EY report highlights growing momentum behind timber and forestry funds, previously seen as niche, now positioned as core components of sustainability-focused portfolios. Despite global private equity fundraising falling to $680 billion in 2024, the lowest since 2015, investors are favouring fewer, larger deals. Europe is leading in sustainable asset allocation, with over half of all new fund launches in Article 8 and 9 categories under the EU Sustainable Finance Disclosure Regulation, according to Morningstar. Timber and forestry funds attracted $8.4 billion in 2024, slightly down from 2023 but above the five-year average. These funds often deliver double-digit internal rates of return, with top-performing vintages exceeding 16 percent.

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