An in-depth look at the Bureau of Labor Statistics (BLS) January 2022 Job Openings and Labor Turnover Survey (JOLTS), with a focus on construction labor and additional analysis provided by the National Association of Home Builders, reveals that the construction labor market started the year with a rising number of job openings.
Wood Markets News
Mortgage Applications Moved Higher in the Week Ending March 4, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending March 4, 2022, the Market Composite Index (a measure of mortgage loan application volume) increased 8.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increase 10.0% compared with the previous week.
Job Openings and Labor Turnover Summary Released for January 2022
On Wednesday (3-9-22), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for January 2022. According to the JOLTS report, as of the last day in January, the number of job openings were at 11.3 million (a rate of 7.0%). The number of job openings was little changed in all four reporting regions.
LP Building Solutions Completes Sale of Stake in I-Joist Joint Venture to Resolute Forest Products
LP Building Solutions (LP) announced on Friday (3-4-22) that it has closed on the previously announced sale of its 50% equity interest in two joint ventures that produce I-joists to Resolute Forest Products Inc. The long-time partnership was established as an equity method investment in which both LP and Resolute Forest Products had a 50% interest in each entity.
Wisconsin Veneer and Plywood, Inc. to Pay $75K for Alleged Violations of Wisconsin’s Air Pollution Laws
According to an announcement from Wisconsin State Attorney General Josh Kaul office, Wisconsin Veneer and Plywood Inc. (Wisconsin Veneer) is being required to pay a $75,000 monetary penalty for alleged violations of Wisconsin state air pollution control laws that occurred at their Shawano County manufacturing facility.
Fannie Mae Home Purchase Sentiment Index® Rebounds in February 2022
Fannie Mae on Monday (3-7-22) released its Home Purchase Sentiment Index® (HPSI) for February 2022. The HPSI for February increased by 3.5 points to 75.3 in February. However, affordability constraints continue to drive consumers’ perception of the housing market.
The NFIB’s Small Business Optimism Index Declines for Second Consecutive Month in February 2022
The National Federation of Independent Business (NFIB), one of the largest small business associations in the U.S., reported today (3-08-22) that their NFIB Small Business Optimism Index decreased by -1.4 points to a reading of 95.7 in February, the second consecutive month below the 48-year average of 98.
New Brunswick Private Timberland Log Sellers Find Better Prices for their Logs in Maine
New Brunswick, Canada lumber mills are supplied mostly from timber cut on publicly owned Crown land. In turn, private sellers contend that because the New Brunswick government does not raise the price it charges for trees to match rising lumber prices, as most provinces do, the prices they can charge mills are kept artificially low.
Pacific BioEnergy Pellet Plant Permanently Closes
In December of 2021, Pacific BioEnergy announced that after 28-years of continuous operation it would be permanently closing its wood pellet plant in the Prince George B.C. area. PacBio said it had reached an agreement to assign some of its assets, including wood pellet long term sales contracts to the Drax Group.
PEFC Designates Wood From Russia and Belarus as “Conflict Timber” Not to Be Used in Any PEFC-Certified Products
Following a meeting of PEFC (Program for the Endorsement of Forest Certification) organization’s board last week, wood from Russia and Belarus have been designated as “conflict timber” and banned from use in all PEFC-certified products following the invasion of Ukraine.