Mortgage loan application volume increased 2.2% on a seasonally adjusted basis from one week earlier, MBA reported.
Wood Markets News
ADP® Reports Private Sector Employment and Compensation Both Increased in January
US private sector employment increased by 183,000 jobs in January, ADP reported. Meanwhile, compensation was up 5.7% year-over-year.
US Construction Labor Market Continues to Soften in December
The number of open construction sector jobs declined from a revised 272,000 in November to just 217,000 in December, the BLS and NAHB reported.
Canadian Building Construction Costs Increase in Q4
Residential building construction costs rose 0.8% in Q4, following a 0.9% increase in Q3. Nonresidential building construction costs also increased 0.8%.
Poor Selling Conditions Weigh on Canadian Builder Sentiment
The CHBA Housing Market Index for Q4 showed that poor selling conditions are leading to a further decline in the sentiment of Canada’s homebuilding industry, the Journal of Commerce reported.
US Job Openings and Labor Turnover Summary for December
Job openings fell to 7.6 million by the end of December, a decrease of 556,000 from the previous month. Year-over-year, openings were down by 1.3 million.
Sveza Group Implementing Robotic Systems at Its Plywood Mill to Offset Labor Shortage
Russia’s Sveza Group is investing 400 million rubles (US$3.97 million) to install robotic systems at its production facility in Tyumen to help offset an acute labor shortage.
US to Pause Tariffs on Canada and Mexico for 30 Days
President Trump announced he would pause implementation of tariffs on Mexico and Canada for 30 days, AP reported.
Southeast Timber Products Announces $120 Million Expansion of Its Ackerman, MS, Sawmill
Southeastern Timber Products plans to invest more than $120 million to expand its sawmill in Ackerman, Mississippi, WTVA reported.
Canadian Sawmill Production and Shipments Decline in November
Canadian lumber production declined 6.0% to 3,996.8 thousand cubic meters. Year-over-year, production was down 10.9%.