Across the 48 states that reported construction sector job information (both residential as well as non-residential construction), 33 states reported an increase in October compared to September. Conversely, 13 states lost construction sector jobs.
Wood Markets News
30-Year Mortgage Rate Up Slightly, 15-Year Rate Down Slightly in the Week Ending December 2, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending December 2, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.11% with an average 0.6 point, up slightly from last week when it averaged 3.10%. A year ago, at this time, the 30-year FRM averaged 2.71%.
Challenger Reports U.S. Job Cuts Declined in November to their Lowest Monthly Total Since May 1993
According to the latest released Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based employers announced job cuts fell by -34.8% in November to 14,875 from 22,822 in October. This is the lowest monthly total since May 1993, when 14,086 were reported. November’s total is -77% lower year-over-year (Nov. 2021 vs. Nov. 2020), when 64,797 cuts were announced.
Weekly Jobless Claims Increase in the Week Ending November 27, 2021
The U.S. Department of Labor is reporting that an additional 222,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 27, 2021. This is an increase of 28,000 from the previous week’s revised level. The 4-week moving average was 238,750 — a decrease of 12,250 from the previous week’s revised average.
NDP Pushes B.C. Forestry Industry Remake Through Legislature Over Objections from Other Parties
Over the objections of B.C.’s Liberal and Green party members, the NDP used its majority to cut off debate on two major bills to remake B.C.’s forest industry. The two bills in question are a 160-page set of amendments that gives cabinet the authority to change or end timber licenses, determine what compensation may be paid to forest companies, and redistribute Crown logging rights to community and Indigenous land title holders.
West Fraser Completes Acquisition of Angelina Forest Products Lumber Mill
West Fraser Timber Co. Ltd. announced (12-1-21) that it will close on the acquisition of the Angelina Forest Products lumber mill located in Lufkin, Texas today. The company said that it has completed the U.S. regulatory review and other conditions have been satisfied.
One Sky Forest Products and Paper Excellence Sign Co-Location Agreement
In September, One Sky Forest Products announced its intention to build and operate a new oriented strandboard (OSB) operation at an existing Prince Albert, Saskatchewan mill site. One Sky Forest Products took a step forward on Tuesday (11-30-21) in bringing that operation to fruition with the announcement that it has signed an agreement with Paper Excellence, the company behind the restart of the local pulp mill.
Chinese City of Manzhouli Temporarily Halts Rail Imports After a Sudden Spike in COVID-19 Cases
Starting on Wednesday (12-1-21), authorities said its railway port will “suspend the import of non-containerized goods including timber, coal, mineral powder, chemical fertilizers, and other products that require manual loading and unloading.” The aim is to “strengthen prevention and control” of the outbreak at ports and “effectively block the spread of overseas epidemics through imported goods.”
Total Value of Canadian Building Permits Increased 1.3% in October
Statistics Canada (StatsCan) reported today (12-1-21) that the total value of building permits increased 1.3% to $10.3 billion (CAD) in October. Construction intentions in the non-residential sector were up 4.2%, while the residential sector inched -0.1% lower.
Construction Spending Up Month-Over-Month and Year-Over-Year in October
On Wednesday (12-1-21), The U.S. Census Bureau reported that total construction spending during October 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,598.0 billion, 0.2% above the revised September estimate of $1,594.8 billion. The October figure is 8.6% above the October 2020 estimate of $1,471.1 billion.