The U.S. Bureau of Labor Statistics (BLS) reported today (2-4-22) that total nonfarm payroll employment increased by 467,000 in January. Nonfarm payroll employment has increased by 19.1 million since April 2020 but is down by -2.9 million, or -1.9%, from its pre-pandemic level in February 2020.
Wood Markets News
Nuveen Natural Capital Completes Sale of 66,800 Acres in Texas and Georgia to Rayonier
Nuveen Natural Capital, a global investment and asset management company specializing in the acquisition and stewardship of forestry assets, announced today (2-3-22) that it had completed the sale of 66,800 acres in Texas and Georgia to Rayonier, a leading timberland real estate investment trust. The purchase price was $ 124.2 million, prior to transactional costs.
Mayr-Melnhof Holz Completes Acquisition of Sweden’s Bergkvist Siljan Sawmill Group
Mayr-Melnhof Holz, one of Europe’s leading sawmilling and engineered wood products companies, announced that it has received the final approval from the competition authorities and, as a result, has completed its acquisition of the Swedish sawmill group Bergkvist Siljanh. Bergkvist Siljan produces around 850,000 m3 of spruce and pine sawn timber annually.
Australia’s Clean Energy Finance Corporation Promotes Use of Timber in Large-Scale Construction with Debt Financing
Wanting to promote a mass transformation in timber construction across the property sector in Australia, the Australian government’s Clean Energy Finance Corporation (CEFC) is providing $300 million (AUD) in debt finance for eligible projects nationwide. The new CEFC program seeks to transform large-scale building construction in Australia, with the potential to cut construction-related emissions.
30-Year Fixed Mortgage Rate Flat, but 15-Year Fixed Rate Slightly Lower in Week Ending February 3, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 3, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.55% with an average 0.8 point, unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.73%.
Weekly Jobless Claims Decline for Second Consecutive Week in the Week Ending January 29, 2022
The U.S. Department of Labor is reporting that an additional 238,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, January 29, 2022. This is a decrease of 23,000 from the previous week’s revised level. The 4-week moving average was 255,000.
U.S.-Based Employers Job Cut Report Little Changed Month-Over-Month in January 2022
According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, job cuts announced by US-based employers in January 2022 were almost identical to the December 2021 levels. January’s job cuts were 19,064 — up 0.063% from December’s 19,052.
Stora Enso Investing 40 Million Euros in New Technology and Restructuring of Fluff Pulp Production
Stora Enso has announced that it will be investing 40 million Euros in new technology and restructuring of its fluff pulp production site in Skutskär, Sweden. The investment will enable the number of bleach lines to be reduced from three to two, improving cost competitiveness and creating opportunities for future development.
Canadian Building Permits Decline in December
Statistics Canada (StatsCan) reported today (2-2-22) that the total value of building permits decreased -1.9% to $11.2 billion (CAD) in December. Declines were reported in both the residential and non-residential sectors. On a constant dollar basis (2012=100), the total value of building permits decreased -3.1%.
New White Paper Released on Mass Timber Construction in the UK
The RICAAuthority, an annually funded research scheme supported by 24 major United Kingdom insurers, has just released a new white paper on mass timber construction in the UK. The report, “Insurance Challenges of Massive and Mass Timber Construction,” is recommending that hybrid structures combining traditional and modern method of construction may represent the best route forward to satisfying multiple considerations including insurance risks and carbon reduction.