The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 204,000 during the week ending on Saturday, December 31, 2022. This is decrease of 19,000 from the previous week’s revised level of 223,000.
Wood Markets News
Canfor Announces Extension of Temporary Sawmill Curtailments at Select Facilities in BC
Citing ongoing weak market conditions and the lack of available economic fiber, Canfor Corp. announced on Tuesday that it was extending the temporary sawmill curtailments—originally announced on December 5, 2022—at select solid wood facilities in British Columbia.
Domtar Agrees to Sell Its Dryden Pulp and Thunder Bay Pulp & Paper Mill to Address Competition Concerns With Its Acquisition of Resolute Forest Products
Canada’s Competition Bureau has entered into a consent agreement with Domtar Corporation to address the competition concerns with its acquisition of Resolute Forest Products Inc. Domtar Corporation has agreed, post-transaction, to sell its Dryden pulp mill and Thunder Bay pulp and paper mill to two independent purchasers.
Plant Prefab Secures Additional Funding to Support Completion of Arvin Hub and Other Projects
Plant Prefab, the first Certified B Corporation building technology company dedicated to sustainable design, materials, and operations, announced on Wednesday that it has secured a $42 million in Series C and other funding to support the company’s capacity expansion and increased multi-unit housing production.
Mortgage Applications Decrease Over the Two-Week Holiday Period
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the two weeks ending December 30th, the Market Composite Index (a measure of mortgage loan application volume) decreased 13.2% on a seasonally adjusted basis from two weeks earlier.
Job Openings and Labor Turnover Summary for November 2022
On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for November 2022. As of the last business day in November, the number of job openings edged slightly higher to 10.5 million from 10.3 million in October.
Russia Extends Prohibitive Duties on Soft and Hardwood Rough Lumber Through 2025
On Friday, Russia extended its prohibitive export duties on soft and hardwood rough-sawn lumber with moisture content in excess of 22%, which has been used as cover for exporting unprocessed timber, for three years until December 31, 2025.
International Paper and the National Fish and Wildlife Foundation Working With Texas Landowners to Restore and Manage Longleaf Pine Forests
International Paper (IP) and the National Fish and Wildlife Foundation are working with landowners in Texas to restore and manage forests through IP’s Forestlands Stewardship partnership. The Forestland Stewardship partnership was formed in 2013 to conserve and restore southern forestlands.
US Construction Spending in November Up Month-Over-Month and Year-Over-Year
The US Census Bureau reported that total construction spending during November 2022 was estimated at a seasonally adjusted annual rate of $1,807.5 billion, 0.2% above the revised October estimate of $1,803.2 billion. The November figure is 8.5% above the November 2021 estimate.
Australia’s Home Prices Suffer Largest Annual Decline Since 2008
According to CoreLogic, Australia’s housing market in 2022 experienced its largest annual decline since 2008, as sharp interest rate hikes weakened home buyers purchasing power and turned off would be investors.