GO Lab Inc., a Belfast, Maine startup, has closed on the sale of $85 million in bond funding and completed a New Markets Tax Credit transaction that will fund the construction of a wood-fiber insulation factory at the former UPM paper in Madison. If construction work goes as planned, GO Lab expects to be producing its TimberHP loose-fill insulation in Q1 of 2023, followed by wood fiber batt and board products in Q2 and Q3.
Wood Markets News
Strike at UPM Finland Facilities Will Not Impact UPM Plywood or Timber Mills
UPM, a Finish forest industry company, has a labor-based strike ongoing at several of their pulp, biofuels, communications, and specialty paper plants located in Finland. The strike, however, does not impact nor concern UPM Plywood and UPM Timber mills, both of which signed business specific collective bargaining agreement with the Industrial Union in December.
Construction Job Openings Gain Year-Over-Year in November
A closer look at the Bureau of Labor Statistics (BLS) Job Openings and Labor Turn Over Survey (JOLTS) for November — with an emphasis on the construction labor market and additional analysis provided by the National Association of Home Builders (NAHB) — reveals that the construction labor market remains tight as the number of quits accelerated. According to the report, the number of open/unfilled construction positions in November dropped to 345,000, or -4.4%.
Job Openings and Labor Turnover Summary Released for November 2021
On Tuesday (1-4-22) the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for November 2021. According to the JOLTS report, as of the last day in November, the number of job openings decreased to 10.6 million (-529,000 or -6.6%). The number of hires was increased to 6.7 million in November, up from October’s 6.5 million. The hire rate was 4.5% up from 4.4% in October.
Increased Russian Lumber Export Duties Are Now in Effect
Russia enacts higher export duties on minimally processed lumber.
Housing Affordability in October Sinks to its Lowest Level Since 2008
House prices outpace increases in median household income.
Median Home Price Ends 2021 at New Record High – While Number of Homes For Sale Hit New Record Lows
Redfin reports median home sales prices reached record highs at the end of 2021.
Total Construction Spending in November 2021 Up Month and Year-Over-Year
U.S. construction spending slightly higher in November.
30-Year & 15-Year Mortgage Rates Edge Higher – in Week Ending December 30th 2021
Mortgage rates edge higher at the end of December.
Weekly Jobless Claims Decline– in the Week Ending 25th December 2021
The U.S. Department of Labor reports declining initial filings for unemployment benefits.