According to the latest Job Cut Report released from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based companies announced 18,942 job cuts in July, down -93% from the 262,649 cuts announced in July 2020. Last month’s total is the lowest since in June 2000, when 17,241 job cuts were announced.
Wood Markets News
Mortgage Delinquencies Backed by Commercial and Multifamily Properties Dropped in July
According to the latest Mortgage Bankers Association’s (MBA) monthly CREF Loan Performance Survey, delinquency rates for mortgages backed by commercial and multifamily properties declined in July. The survey was created to help better understand the ways the COVID-19 pandemic is impacting commercial mortgage loan performance.
Weekly Jobless Claims Continued to Decline in the Week Ending July 31, 2021
The U.S. Department of Labor is reporting that an additional 385,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, July 31, 2021, a decrease of 14,000 from the previous week’s revised level. The 4-week moving average was 394,000, a decrease of 250 from the previous week’s revised average.
Total Value of Building Permits in Canada Rose 6.9% in June
Statistics Canada (StatsCan) reported today (8-4-21) that the total value of building permits rose 6.9% to $10.3 billion in June. Seven provinces contributed to the gain, led by Ontario, which jumped 22.7%.
Mercer International Acquires State-of-the-Art CLT Manufacturing Facility in Spokane, Washington
Mercer International, which operates or jointly operates several pulp and paper operations in Canada and Germany and runs a timber service in Germany, announced on Wednesday (8-3-21) that it has received approval from a U.S. bankruptcy court to acquire a state-of-the-art cross-laminated timber (CLT) manufacturing facility in Spokane, Washington.
Volumetric Building Companies to Acquire Former Katerra Headquarters in Tracy, California
Volumetric Building Companies (VBC), the Philadelphia PA-based modular builder, is in the final stages of a completing a $25-million bankruptcy acquisition of Katerra’s former Tracy, California headquarters. VBC has been selected as the final bidder in a deal that will ultimately bring $60 million of manufacturing equipment.
Mortgage Applications Decline in the Week Ending July 30, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending July 30, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -2% compared with the previous week.
ADP Reports Private Sector Employment Increased by 330,000 Jobs in July
According to the July ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 330,000 jobs from June to July. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally adjusted basis.
Fire Destroys Millett Lumber Co. Mill in Chester Grant, Nova Scotia
Seventy firefighters from 11 different departments battled a blaze on Monday afternoon at Millett Lumber Co. in Chester Grant, Nova Scotia. The mill produced boards, dimensional lumber, siding, decking as well as dressed and rough small squares and timbers.
Smith Leonard Reports Residential Furniture Sales Increased 47% Year-Over-Year in May
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported that May 2021 sales were 47% higher year-over-year. Overall, 91% of survey participants reported increased orders, with most reporting triple-digits increases. Year to date, new orders were up 67% over the first five months of 2020.