According to the report, the US national vacancy rate in Q1 was 6.4% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was higher than the rate in 2022Q1, when it was 5.8%, and higher than the 2022Q4 rate, which was also 5.8%.
Wood Markets News
Construction Sector Job Openings and Labor Turnover Survey Results for April
A closer look at the Bureau of Labor Statistics Job Openings and Labor Turnover Survey for March with a focus on the construction sector reveals that the construction labor market saw a decline in the number of job openings in March.
Mortgage Applications Decline in the Week Ending April 28th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the week ending April 28th, the Market Composite Index decreased 1.2% on a seasonally adjusted basis from one week earlier.
ADP® Reports Private Sector Employment Gains but Reduced Compensation in April
According to the ADP® National Employment Report™ released Wednesday, nonfarm private sector employment increased by 296,000 jobs in April, and annual pay was up 6.7% year-over-year.
Sinclar Group Announces Curtailments at Its Apollo, Lakeland, and Nechako Facilities
Sinclar Group Forest Products announced on Monday that is curtailing operations for various periods of time over the next few months at its Apollo Forest Products in Fort St. James, Lakeland Mills in Prince George, and Nechako Lumber Co. in Vanderhoof, British Columbia.
Huber Resources Acquires Certain Assets of Compass Land Consultants
Huber Resources Corp, a subsidiary of the JM Huber Corporation, announced on Monday that it has acquired certain assets of Compass Land Consultants. According to the press release, the move will grow and expand HRC as well as its Sewall Forestry and Natural Resources Consulting business globally in key service areas.
The Canadian Wood Council Launches Woodworks Innovation Network in Canada
The Canadian Wood Council, an industry association committed to promoting the benefits of using wood in construction and expanding market demand for Canadian wood products, has announced the launch of Woodworks Innovation Network (WIN) in Canada, according to Canadian Forest Industries.
Alaska Lumber Mills Prepare for New Legislation That Allows Them to Self-Grade Their Production
Proposed legislation that would keep Alaska’s lumber production more local has just passed the Alaskan House and Senate and is awaiting Gov. Mike Dunleavy’s signature, according to radio station KDLL. The bill which was first introduced in March quickly gained support.
Job Openings and Labor Turnover Summary for March
On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for March. As of the last business day in March, the number and rate of job openings declined to 9.6 million (a loss of 384,000) and 5.8%, respectively.
US Construction Spending Rises 0.3% Month-over-Month in March
On Monday, the US Census Bureau reported that total construction spending during March was estimated at a seasonally adjusted annual rate (SAAR) of $1,834.7 billion, 0.3% above the revised February estimate of $1,829.6 billion. The March figure is 3.8% above the March 2022 estimate of $1,768.2 billion.