APA Releases 2019 Structural Panel & Engineered Wood Yearbook
North American engineered wood production closely matches 2018
The 2019 Structural Panel & Engineered Wood Yearbook has been released by APA – The Engineered Wood Association. The yearbook includes an analysis of the U.S., Canadian and global economies, focusing on factors that impact demand for engineered wood products across several market segments as a basis for forecasting expected production of engineered wood products. Besides the analysis and forecast, the yearbook also includes historical data on engineered wood production. Topics examined in the yearbook include:
- Residential construction in the U.S. and Canada, new and repair/remodel
- Nonresidential and industrial markets
- North American imports and exports
- Outlook and production statistics for structural panels (OSB and plywood), including historical data
- Engineered wood product demand and production (glulam, I-joists, and LVL)
Supply-side constraints, primarily the scarcity of skilled construction labor and developed lots, continue to hamper the ability of homebuilders and apartment developers to meet the demand for new housing units in the U.S. In addition, millennials continue to face a stiff affordability challenge to becoming homeowners, as student debt obligations impair their ability to save for a down payment.
Based on statements by Chairman Jerome Powell, policy-makers at the Federal Reserve are more likely to maintain a steady interest rate policy, instead of continuing to take measures to lift interest rates over the course of 2019 and 2020.
Given that residential construction is falling short of demand based on household growth and replacements, there is little downside risk to the outlook for construction in the U.S. for the next few years. Strong demand for new housing in Canada is being met by historically high levels of multifamily construction.
The entire 2019 market forecast, including all market segments and production outlook, as well as statistical data, is included in APA’s 2019 Structural Panel & Engineered Wood Yearbook, Form MKO E185. The yearbook can be purchased for $300 via the APA Resource Library.