The BC provincial government announced Friday that it has approved a legal order to extend the deferral of old-growth harvesting in the Fairy Creek watershed until February 1st, 2025.
Wood Markets News
Early Start to Wildfire Season in Canada Brings Global Support Response
Emergency Preparedness Minister Bill Blair said that an “unprecedented” start to the wildfire season in Canada has led to serious wildfires spreading destruction and forcing evacuations across 7 provinces and 1 territory.
West Virginia University Researchers Find Ways to Use Low-Grade Hardwoods in Cross-Laminated Timber
Joseph McNeel, a professor at West Virginia University, has been testing the effectiveness of yellow poplar—an abundant West Virginia species—as a source of engineered wood building materials.
US Nonfarm Payroll Increases by 339,000 in May; Unemployment Rises to 3.7%
Total nonfarm payroll employment increased by 339,000 in May. This is in line with the average monthly gain of 341,000 over the past 12 months.
Melbourne, Australia, Gaining 15-Story Office Building Constructed From Local Timber
Located on Melbourne, Australia’s Wellington Street, the T3 will be 15 stories and comprise 18,200 square-feet of A-grade commercial floorspace, according to a feature by Architecture & Design magazine. The T3’s towers will be made entirely of CLT and GLT.
US Monthly Construction Spending Increased in April
Total construction spending during April was estimated at a seasonally adjusted annual rate of $1908.4 billion, 1.2% above the revised March estimate of $1,780.9 billion.
Real Estate Investors Purchased Fewer Homes Year-Over-Year and Quarter-Over-Quarter in Q1
Redfin reported that real estate investors purchased 48.6% fewer homes year-over-year in 2023Q1, as elevated interest rates—coupled with declining rents and housing values—removed some profits.
Mortgage Rates Jump in the Week Ending June 1st
The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.57%. The 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%.
ADP® Reports Lower Private Sector Employment Gains and Reduced Compensation Growth in May
According to the ADP® National Employment Report™, nonfarm private sector employment increased by 278,000 jobs in May, and annual pay was up 6.5% year-over-year.
Private Sector Job Cuts Continued to Trend Higher in May
According to the Challenger, Gray & Christmas, Inc. Job Cuts Report, US-based employers announced 80,089 job cuts in May, a 20% increase from the 66,995 job cuts reported in April. Year-over-year, cuts were 287% higher.