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.
Wood Markets News
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.
Province of New Brunswick Proposes Reductions in Timber Royalty Fees
Seven months after raising royalty rates on timber harvested in provincially owned forests, the New Brunswick provincial government is proposing up to $50 million in reductions, according to CBC News. Some rates will fall all the way back to where they were a decade ago.
Home Improvements Spending Predicted to Shrink by 2024
According to the Joint Center for Housing Studies of Harvard University, annual spending on improvements and repairs to owner-occupied homes is expected to decline by early 2024. The LIRA projects that year-over-year expenditures for homeowner improvements and maintenance will post a modest 2.8% decline through 2024Q1.
UPM Plywood Announces Plan to Restructure its Organization and Scale its Operations
UPM Plywood on Thursday announced plans to restructure its organization and scale its operations to meet the reduced production capacity and the deteriorating market situation. The company says the cuts are the result of reduced demand for spruce plywood and veneer due to slowing construction activity.