Sinclar Group announced that effective October 30th, it would be permanently reducing the operations of its sawmill and planer from two shifts a day to one shift at its Nechako Lumber facility in Vanderhoof, BC.
Wood Markets News
Canada’s Plan to Plant Two Billion Trees by 2030 is Ahead of Schedule
The Canadian Press reported that Canada’s Natural Resources Minister said the government’s ambitious plan to plant two billion trees by 2030 is ahead of schedule, but mitigating the effects of climate change is as important as adapting to them.
Nonresidential Construction Spending Slightly Higher in June
Nonresidential construction spending increased 0.1% month-over-month in June, according to the US Census Bureau and analysis by Associated Builders and Contractors.
Fixed-Rate Mortgages Climb Higher in the Week Ending August 3rd
Freddie Mac says the 30-year fixed-rate mortgage averaged 6.90%, up from last week when it averaged 6.81%.
Private Sector Job Cuts Fall in July
US-based employers announced 23,697 job cuts in July, according to Challenger, Gray & Christmas, Inc. This is down 42% from June.
US Weekly Jobless Claims Increase in the Week Ending July 29th
The advance figure for seasonally adjusted initial unemployment claims was 227,000 during the week ending Saturday, July 29th. This is an increase of 6,000 from the previous week’s unrevised level.
WestRock Announces Closure of Its Tacoma, Washington, Paper Mill
WestRock Company announced that it was permanently closing its 94-year-old paper mill located in Tacoma, Washington, by September 30th.
Paper Excellence’s Catalyst Crofton Paper Mill Shutdown Extended Through August
Victoria News reports that the Catalyst Crofton Paper Excellence mill will remain temporarily shut down through the month of August.
US Census Bureau Releases Q2 Residential Vacancies and Homeownership Report
The national vacancy rates in Q2 were 6.3% for rental housing and 0.7% for homeowner housing. Year-over-year, the Q2 rental vacancy rate of 6.3% was higher than the 5.6% rate in 2022Q2.
Mortgage Applications Decline in the Week Ending July 28th
According to the Mortgage Bankers Association, mortgage loan application volume decreased 3.0% on a seasonally adjusted basis from one week earlier.