TTF release October statistics

TTF release October statistics

BLOG · BY TTF CEO DAVID HOPKINS · 8 October

The TTF’s October timber statistics were released this week, providing some useful insights into the current state of play in our industry.

Seven months into 2021 and volumes of timber and panels imported by the UK were nearly 2 million m³ higher than the first seven months of 2020.

This growth has largely been driven by softwood imports, up by 43.6% compared to the same period in 2020, however most product categories have seen an increase – with hardwood imports also up by 26%.

The statistics also indicate that supply and demand imbalances are continuing to influence timber prices, with softwood, hardwood and plywood all increasing in value over the last few months.

Evidence is beginning to suggest that the construction market is being severely constrained by the supply of skilled labour and materials.

Recent CPA statistics show reduced construction output as we head into autumn largely due to the effects of HGV shortages, fuel shortages and port congestion.

While this can hardly be seen as positive, reduced demand will soften the significant price rises we have seen in the structural timber sector over the past three quarters.

These constraints on construction output are set to continue as we head into 2022, and this will likely mean demand for timber beginning to return to more ‘normal’ levels.

With post-lockdown spending habits changing, and as government financial support is largely withdrawn, some shifts in the private housing and RM&I markets have long been forecasted.

I urge members to read the full statistics report via our website here.

I also encourage members to keep an eye on our website and social media for our autumn market statement which is set to be released next week.

The report will provide more in-depth look into the timber market and an early look at some of the trends we will explore in our Global Market Conference on 24 November 2021.

Away from economics, the much-anticipated Structural Timber Awards took place on Wednesday night.

We would like to extend a big congratulations to all the winners, particularly Hewitt Studios who won the TTF sponsored Product Innovation Award.

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