The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 228,000 during the week ending on Saturday, April 1st. This is a decrease of 18,000 from the previous week’s revised level of 246,000.
Wood Markets News
Private Sector Job Cuts Up Month-Over-Month in March
According to the Challenger, Gray & Christmas, Inc. (CG&C) Job Cuts Report released Thursday, US-based employers announced 89,703 job cuts in March. This is up 15% from the 77,770 announced job cuts in February.
Can Hybrid Construction Practices Reduce the Building Industry’s Impact on the Environment?
In an article published in “pbctoday,” Liam Bryant, an associate at London-based Webb Yates Engineers, discusses the use of hybrid timber construction in meeting sustainability targets for construction projects.
Canadian Employment Moves Modestly Higher in March; Unemployment Continued to Hold Steady
Statistics Canada reported Thursday that in March, employment grew by 35,000, or 0.2%. Employment has generally been on an upward trend since September 2022; and since then, employment has increased by 383,000, or 1.9%.
PRT Growing Services Acquires International Forest Company (IFCO)
PRT’s acquisition of IFCO establishes North America’s largest reforestation platform. PRT will operate 14 seed orchards and 28 nurseries, producing 630 million forest seedlings annually.
Proposed Bonfield, Ontario, Sawmill Loses License Bid
Ontario’s Ministry of Natural Resources and Forestry has announced that it will not be issuing an operating license to International Wood Industries for its proposed sawmill in Bonfield, Ontario. The original proposal dates back to 2017.
Finland’s Wood Imports and Export Values Declined in 2022
The Finnish forest industry’s foreign trade was negatively impacted in 2022 by Russia’s invasion of Ukraine and the resulting economic affects. According to Luke, a total of 5.5 million cubic meters of roundwood and forest industry by-products were imported in 2022, a 56% annual drop.
UPM Completes Sale of Russian Businesses to Gungnir Wooden Products Trading
UPM on Monday announced that it has completed its withdrawal from all of its businesses in Russia. UPM is selling all of its Russian operations, including the Chudovo plywood mill, to Gungnir Wooden Products Trading.
Mortgage Applications Declined in Week Ending March 31st
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending March 31st, the Market Composite Index—a measure of mortgage loan application volume—decreased 4.1% on a seasonally adjusted basis from one week earlier.
Six-Story Mass Timber Office Project Unveiled for West Houston, Texas
Hicks Ventures, a Houston-based real estate firm, unveiled its plans for a mass timber office project in West Houston, according to a report by “connectcre.” The developer claims the structure will be the first net-zero operational carbon commercial office building in Texas.