The total monthly value of building permits in Canada increased 10.5% in May to $10.5 billion (CAD). The total monthly value of residential permits rose 8.5% to $6.8 billion.
Wood Markets News
West Fraser to Sell Its Hinton, Alberta, Unbleached Softwood Kraft Pulp Mill to Mondi Group
West Frasier has reached an agreement to sell its unbleached softwood kraft pulp mill in Hinton, Alberta, to Mondi Group plc, a global leader in packaging and paper.
Russian Timber Production Declined Between January and May
According to Rosstat and Global Wood Trade Network, Russian timber production between January and May declined by 10.1% year-over-year to 11.5 million cubic meters.
Cost of Building a Home in Canada Has Never Been Higher
According to Ontario Construction News and the Royal Bank of Canada, the cost of building a home in Canada has never been higher. Since the start of the COVID-19 pandemic in Canada, costs are up 51%.
Construction Employment Increases in June; Unemployment Ticks Up Slightly but Remains Near Record Low
Construction industry employment increased by 23,000 jobs in June. Year-over-year, employment has risen by 198,000, or 2.6%, to 7.947 million.
BC Dockworkers Strike Is Impacting Freight Rail Operations in Canada and the US
The impact of the 7,400 members of the International Longshore & Warehouse Union, which have been on strike since July 1st, are now reverberating through the supply chain and into the railroads.
Fannie Mae’s Home Purchase Sentiment Index Increases Slightly in June
The Fannie Mae Home Purchase Sentiment Index® increased by 0.4 points to a reading of 66.0 in June, as challenging supply and affordability conditions continue to weigh on the housing market.
Construction Sector Employment Increases in May
The construction labor market experienced an increase in job openings in May, following a downward revision to April’s estimate.
US Nonfarm Payroll Increases by 209,000 in June; Unemployment Declines to 3.6%
Total nonfarm payroll employment increased by 209,000 in June. The unemployment rate changed little at 3.6%, and the number of unemployed persons was mostly flat at 6.0 million.
Canadian Employment Increases but So Does Unemployment in June
Employment in Canada in June increased by 60,000, or 0.3%, following little change in May. The increase was the largest since January. Employment growth had moderated from February to May.