Statistics Canada (StatsCan) is reporting that Canadian employment fell by 68,000 (-0.4%) in May, adding to a decline of 207,000 in April. The unemployment rate was little changed at 8.2%.
Wood Markets News
B.C. Provincial Government says Redistribution of B.C. Forest Licenses Remains its Long-Term Goal
When Canfor Corp. closed its Vavenby sawmill in 2019, due to the shrinking timber supply, and sold the cutting rights to Interfor for $ 60 million, B.C.’s NDP government had its first chance to use its new authority to intervene in long-term corporate forest tenures…
Mortgage Rates Move Up Slightly but Stay Below 3% in the Week Ending June 3, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 27, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.99% with an average 0.6 point, up from last week when it averaged 2.95%. A year ago at this time, the 30-year FRM averaged 3.18%.
Repair & Remodel Opportunities Grow as U.S. Owner-Occupied Housing Stock Continues to Age
According to the latest data analysis from the 2019 American Community Survey, the average median age of an owner-occupied home is now 39 years old. In 2005, the median age was 31 years. Clearly, the U.S. owner-occupied housing stock is aging gradually.
Canadian Residential Building Permits Decline Slightly in April from March’s Record Setting Level
According to Statistics Canada (StatsCan), the total value of building permits in April 2021 were down -0.5% to $11.1 billion, following a record setting March. The minor setback reflects declines in the residential sector in British Columbia and Quebec, which outweighed national gains in the non-residential sector.
Challenger Reports Job Cuts Increased Modestly Month-Over-Month in May 2021
According to the latest released (6-3-21), Job-Cut Report from Challenger, Gray & Christmas (CG&C), Inc — a global outplacement and business and executive coaching firm — U.S. based companies announced planned job cuts announced by U.S.-based employers rose 7% in May to 24,586 from the 22,913 announced in April. Last month’s total is down 93.8% from May 2020, when employers announced 397,016 cuts.
ADP Reports Private Sector Employment Increased Month-Over-Month by 978,000 Jobs in May
According to the April ADP® National Employment Report™, nonfarm private sector employment private sector employment increased by 978,00 jobs from April to May. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
U.S. Weekly Jobless Claims Declined Further in the Week Ending May 29, 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, May 29, 2021 — a decrease of 20,000 from the previous week’s unrevised level. This is the lowest level for this average of initial claims since March 14, 2020, when it was 256,000.
Katerra to Shut Down All Operations and Walk Away from Dozens of Construction Projects
According to people familiar with the matter, Katerra, the six-year-old startup construction company, told its employees in a video call on Tuesday (6-1-21) that it plans to shut down. The executive on the video said the effects of COVID-19, as well as rising costs of labor and construction materials contributed to the company’s latest cash crunch.
British Columbia Unveils New Timber Strategy that Will Boost Indigenous Engagement in Forestry
The British Columbia provincial government is promising to boost Indigenous engagement in forestry as it sets out on the largest series of policy updates for the sector since the early 2000’s. According to the strategy plan unveiled on Tuesday (6-1-21). there would be a near doubling in the amount of replaceable forest tenure held by Indigenous nations from the current levels of 10%.