Construction sector employment is cooling in step with other sectors of the US job market, the BLS and NAHB reported.
Wood Markets News
US Weekly Jobless Claims Unchanged in the Week Ending April 27th
The advance figure for seasonally adjusted initial unemployment claims was 208,000 during the week ending April 27th, unchanged from the previous week’s revised level.
US Private Sector Job Cuts Slowed in April
US-based employers announced 64,789 job cuts in April, a 28% decline from the 90,309 job cuts reported in March, Challenger, Gray & Christmas reported.
Canfor Announces Purchase of El Dorado, Arkansas, Sawmill
Canfor Corporation announced that it has entered into a purchase agreement with Resolute El Dorado Inc., an affiliate of Domtar Corporation, to acquire its El Dorado lumber manufacturing facility located in Union County, Arkansas.
ADP® Reports Private Sector Employment and Compensation Gains in March
According to the ADP® National Employment Report™, released on Wednesday (5-3-24), private sector employment increased by 192,000 jobs in April and annual pay was up 5.0%, year-over-year.
Mortgage Applications Decline for Second Consecutive Week
According to data from the Mortgage Bankers Association’s (MBA), for the week ending Friday, April 26, 2024, the Market Composite Index decreased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.4% compared with the previous week.
U.S. Job Openings and Labor Turnover Summary for March 2024
According to the JOLTS report, as of the last business day in March the number of job openings was 8.5 million, little changed from the 8.8 million reported in February. The job opening rate was 5.1% down from the 5.3% reported in February.
U.S. Monthly Construction Spending Declines Month-Over-Month but Up Year-Over-Year in March
On Wednesday (5-1-24), The U.S. Census Bureau reported that total construction spending during March 2024 was estimated at a seasonally adjusted annual rate (SAAR) of $2,083.9 billion, 0.2% below the revised February estimate of $2,087.8 billion.
Interfor Announces Temporary Curtailment in All Operating Regions Between May and September
Citing persistently weak market conditions, Interfor Corporation announced on Tuesday (4-30-24), that it plans to reduce its lumber production by approximately 175 million board feet between May and September 2024. The reduction in production represents just under 10% of Interfor’s operating stance.
Swinerton Starts Construction on the Oxbow in Charlotte, North Carolina
According to an article appearing in Yieldpro.com, on Monday (4-29-24), California-based Swinerton has started construction on a $97.8 million, mixed-use commercial plus multifamily development with significant mass timber elements in Charlotte, North Carolina, dubbed the “Oxbow.”