A closer look at the Bureau of Labor Statistics February Job Openings and Labor Turnover Survey, with a specific focus on the construction labor market and additional analysis provided by the National Association of Home Builders, reveals that after a sharp decline in January, job openings rebounded.
Wood Markets News
ADP® Reports Private Sector Employment Gains and Increased Compensation in March
According to the ADP® National Employment Report™ released today, nonfarm private sector employment increased by 145,000 jobs in March and annual pay was up 6.9%, year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
Canadian Lumber Production Up 17.4% Month-Over-Month in January
Statistics Canada reported Tuesday that lumber production in January increased 17.4% month-over-month to 3,811.5 thousand cubic meters. Sawmills shipped 3,682.6 thousand cubic meters of lumber, up 9.0% from December but down 4.5% from January 2022.
Total Value of Canadian Building Permits Increased in February
Statistics Canada reported Tuesday that the total value of building permits in Canada advanced 8.6% to $10.7 billion (CAD) in February. Seven provinces reported monthly increases. On a constant dollar basis (2012=100), the total value of building permits rose 8.2% to $6.4 billion.
Stora Enso Completes Divestment of Its Paper Production Site in Hylte, Sweden
Stora Enso today reported that it has completed its previously announced (January 27th) divestment of its paper production site in Hylte, Sweden, to Sweden Timber. Sweden Timber is a Sweden-based sawmill and planing mill company.
BC Government Introduces Multibillion-Dollar Plan to Help Alleviate Housing Shortage
The British Columbia provincial government has introduced a multibillion-dollar plan to construct more homes as quickly as possible in the hopes of alleviating the current housing crisis, according to CKPGToday. The “Homes for People” plan starts with a $4-billion investment over three years.
Job Openings and Labor Turnover Summary Released for February
On Wednesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for February. As of the last business day in February the number and rate of job openings declined to 9.9 million (a loss of 632,000) and 6.0%, respectively.
Baltimore’s Blueprint Robotics Announces Plans to Build Second Component Plant in Windsor, CT
Baltimore, Maryland-based Blueprint Robotics, which manufactures wood frame components used in the construction of multifamily housing, has announced its intention to build a second components production facility in Windsor, Connecticut, according to “CT Insider.”
US Construction Spending Falls 0.1% Month-Over-Month in February
On Monday, the US Census Bureau reported that total construction spending during February was estimated at a seasonally adjusted annual rate (SAAR) of $1,844.1 billion, 0.1% below the revised January estimate of $1,845.4 billion.
Brazilian Exports of Wood-Based Products Declined Month-Over-Month and Year-Over-Year in February
According to the International Tropical Timber Organization, Brazilian exports of wood-based products (except pulp and paper) declined 36.0% year-over-year in value in February, from US$413.6 million a year ago to US$264.2 million in February.