A recent report, “Wood Use in British Columbia Schools,” authored by BC-based architecture firm thinkspace and structural engineering firm Fast + Epp finds that BC schools have increasingly featured a more innovative, eco-friendly, and flexible designs.
Wood Markets News
Overall Construction Sector Employment Increased in January
A closer look at the Bureau of Labor Statistics nonfarm payroll report for January, with a focus on the construction sector and additional analysis provided by the NAHB, reveals that employment in the overall construction sector increased by 25,000 in January, following a gain of 26,000 in December.
US Nonfarm Payroll Increases by 517,000 in January; Unemployment Dips to 3.4%
The US Bureau of Labor Statistics reported Friday that total nonfarm payroll employment increased by 517,000 in January. The average monthly gain in 2022 was 401,000. The unemployment rate dipped to 3.4% and continues to hold in a narrow range that was established early in 2022.
Canadian Building Permits Declined in December and During All of Q4
Statistics Canada reported today that monthly seasonally adjusted value of building permits in Canada declined 7.3% in December to $10.3 (CAD). On a constant dollar basis (2012=100), the total value of building permits dropped 7.4% to $6.1 million.
Pfeifer Holding GmbH Completes Acquisition of Finland’s Pölkky Oy
The Austrian Pfeifer Holding GmbH announced on Tuesday that it has successfully completed the acquisition of the largest private wood process company in northern Finland, Pölkky Oy. The contract had been waiting on the competition authority’s approval, and that has just been secured.
Construction Sector Job Openings Increased in December
A closer look at the Bureau of Labor Statistics Job Opening and Turnover Survey report for December, with a focus on the construction sector and additional analysis provided by the National Association of Home Builders, reveals that the construction job openings rate increased by 5% month-over-month.
Brazilian Exports of Wood-Based Products Declined in December
According to the International Tropical Timber Organization, in December, Brazilian exports of wood-based products (except pulp and paper) declined 34.0% in value compared to a year ago, falling from US$423.2 million in December 2021 to US$278.8 million in December 2022.
Fixed Mortgage Rates Move Lower
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending February 2, 2023. The 30-year fixed-rate mortgage averaged 6.09%, down from last week when it averaged 6.13%. A year ago at this time, the 30-year rate averaged 3.55%.
Job Cuts in January Increased Month-Over-Month and Year-Over-Year
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report released today, US-based employers announced 102,943 job cuts in January, a 136% increase from the 43,651 announced job cuts in December. It is up 440.0% from the 19,064 job cuts announced in January 2022.
US Weekly Jobless Claims Decrease for the Week Ending January 28th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 183,000 during the week ending on Saturday, January 28, 2023. This is a decrease of 3,000 from the previous week’s unrevised level of 186,000.