Canfor Corporation announced that it has entered into a purchase agreement with Resolute El Dorado Inc., an affiliate of Domtar Corporation, to acquire its El Dorado lumber manufacturing facility located in Union County, Arkansas.
Wood Markets News
ADP® Reports Private Sector Employment and Compensation Gains in March
According to the ADP® National Employment Report™, released on Wednesday (5-3-24), private sector employment increased by 192,000 jobs in April and annual pay was up 5.0%, year-over-year.
Mortgage Applications Decline for Second Consecutive Week
According to data from the Mortgage Bankers Association’s (MBA), for the week ending Friday, April 26, 2024, the Market Composite Index decreased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.4% compared with the previous week.
U.S. Job Openings and Labor Turnover Summary for March 2024
According to the JOLTS report, as of the last business day in March the number of job openings was 8.5 million, little changed from the 8.8 million reported in February. The job opening rate was 5.1% down from the 5.3% reported in February.
U.S. Monthly Construction Spending Declines Month-Over-Month but Up Year-Over-Year in March
On Wednesday (5-1-24), The U.S. Census Bureau reported that total construction spending during March 2024 was estimated at a seasonally adjusted annual rate (SAAR) of $2,083.9 billion, 0.2% below the revised February estimate of $2,087.8 billion.
Interfor Announces Temporary Curtailment in All Operating Regions Between May and September
Citing persistently weak market conditions, Interfor Corporation announced on Tuesday (4-30-24), that it plans to reduce its lumber production by approximately 175 million board feet between May and September 2024. The reduction in production represents just under 10% of Interfor’s operating stance.
Swinerton Starts Construction on the Oxbow in Charlotte, North Carolina
According to an article appearing in Yieldpro.com, on Monday (4-29-24), California-based Swinerton has started construction on a $97.8 million, mixed-use commercial plus multifamily development with significant mass timber elements in Charlotte, North Carolina, dubbed the “Oxbow.”
U.S. Census Bureau’s Residential Vacancies & Home Ownership Report for Q1 2024
According to the report national vacancy rates in Q1 2024 were 6.6% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was not statistically different from the rate in Q1 2023 when it was at 6.4%, and virtually the same as the rate in the Q4 2023 reported as 6.6%.
U.S. Consumer Confidence Index Trends Lower for the Third Consecutive Month in April 2024
The Conference Board, a non-partisan, not-for-profit think tank, founded in 1916, on Tuesday (4-30-24), released its Consumer Confidence Index® (CCI) for April 2024. The CCI Index declined in April for the third consecutive month, falling to a reading of 97.0 from a downwardly revised March reading of 103.1.
S&P CoreLogic Case-Shiller Reports a 6.4% Gain in February 2024
On Tuesday (4-30-2024), S&P CoreLogic Case-Shiller released its U.S. National Home Price NSA Index for February 2024. The Index which covers all nine U.S. Census divisions, revealed that 18 out of the 20 major metro markets reported month-over-month (Jan. 24 – Feb. 24) price increases.