NAM: Manufacturing (CONT’D FROM PAGE 5)
Box Shipments ( U.S. Corrugated Product Shipments) Industry Shipments In Billions of Square Feet Month June 2022
September, adding 8,700 workers, and Texas generated the most workers in the sector over the past 12 months, adding 49,500 year-over-year. At 2.0 percent, Minnesota had the lowest unemployment rate nationally. Additionally, higher mortgage rates and issues with affordability have sharply lessened demand in the hous- ing market. The average 30-year fixed-rate mortgage was 6.94 percent last week, the highest since April 2002. Homebuilders felt negative in their assessments of the housing market for the third consecutive month, with the Housing Market Index declining to 38 in October, accord- ing to the National Association of Home Builders and Wells Fargo. It was the lowest value since May 2020. New residential construction activity fell 8.1 percent to 1,439,000 units at the annual rate in September. Sin- gle-family housing starts declined 4.7 percent to 892,000 units, the slowest pace since May 2020. On a year-over- year basis, new housing starts decreased 7.7 percent, with single-family construction activity plummeting 18.5 percent over the past 12 months. New housing permits—a proxy for future residential construction—rose 1.4 percent to an annualized 1,564,000 units in September. Yet, single-family permits declined 3.1 percent from 900,000 units to 872,000 units, decreasing for the seventh straight month to the lowest level since June 2020.
Year
Actual
Percent Change Avg Week Percent Change
2022 2021
34.771 35.948
-3.3
7.903 8.170
-3.3
Industry Total
Year-to Date
June 2022
Year
Actual
Percent Change Avg Week Percent Change
2022 2021
205.855 208.569
-1.3
8.019 8.170
-2.1
Industry Total
Containerboard Consumption (Thousands of Tons)
Year
Month
Percent Change Year-to-Date Percent Change
2022 2021
2.8451 2.9436
-3.0
16.8851 17.0466
-0.9
Container Board Inventory - Corrugator Plants (Thousands of Tons)
Corrugator Plants Only
Date
Percent Change Weeks of Supply
Percent Change
Jun. May
2.4415 2.3469
4.0
3.8 3.6
5.6
Shipping Days
Year
Month
Year-to-Date
2022 2021
22 22
127 126
SOURCE: Fibre Box Association
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October 31, 2022
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