The town of Ashland Maine recently joined a new initiative that has as its goal to begin investing in a more environmentally sustainable wood building product. Original Mass Timber Maine is a three-year market development program with the goal of opening at least one facility to manufacture original mass timber, also known as structural round timber (SRT), within the next two years.
Wood Markets News
Nonfarm Payroll Employment Numbers Up as Unemployment Continues to Decline in May 2021
The U.S. Bureau of Labor Statistics (BLS) is reporting that total nonfarm payroll employment increased by 559,000 in May, following a disappointing increase of 278,999 in April and a surge in March of 785,000. In May, nonfarm payroll employment is down by 7.6 million, or -5.0% from its pre-pandemic level in February 2020.
Canadian Employment Numbers Decline for Second Month in a Row as Third Wave of Restrictions are Implemented
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%.
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.