Coronavirus: Industry & Market News
Woodworking Firms See Increasing Impact Of Coronavirus
A Woodworking Network survey confirms that the impact of the pandemic on our industry continues to grow as more companies report a major or serious impact on their business. The breakdown: 35.7% of companies report a major impact; 40.9% a serious impact; 19.1% a minor impact; and 4.3% report no impact.
Source: Woodworking Network
See more updates, news, and market information below.
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Fed Will Publicize Names of Facility Participants; Impact on Ultimate Borrowers Is Unclear
The Federal Reserve Board recently announced its commitment to publicizing substantial amounts of information on its facilities and programs that use funds authorized under the CARES Act. To a large degree, this move is required under section 13(3) of the Federal Reserve Act, which as amended by the Dodd-Frank Act of 2010 requires the Board to report the identities of the participants in its emergency lending programs. But the facilities established for COVID-19 relief are categorically different from those created for the 2008 financial crisis, because the participants are not the beneficiaries of the programs.
Impact of Virus on Wood Industry Will Continue Into 2021
April 8, 2020. Virus will have impact on w#C36
U.S. GDP is expected to decline by 8% in 2020 with considerable uncertainty in 2021
Housing starts will fall off, tree planting will be curtailed, and global trade in wood products will also decline. Home remodeling, however, may actually rise in certain months in both 2020 and 2021.
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Kitchen Cabinet Industry Changes In Structure
There were a number of changes in the cabinet industry, with the largest casualty in May when Wood-Mode in Pennsylvania closed, affecting more than 900 employees. Wood-Mode was purchased by Professional Building Systems who reopened the plant later in the year, but with only 235 employees. Even with a great number of changes in the industry, KCMA reported that 2019 cabinet sales were up 0.6% when compared to 2018. April 7, 2020. Major FDMC 300 cabinet comp#D19
Green Building Programs Revise Inspection Procedures
As part of the ongoing COVID-19 pandemic response, organizations such as the EPA, the Residential Energy Services Network (RESNET) and Home Innovation Research Labs (HI) are adopting emergency procedures for their green building programs to protect the health and safety of rating providers using remote inspections with video and/or photo documentation for verification and the likelihood of additional documentation. April 7, 2020. Green Building Programs Rev#B8A
Ohio building products supplier Granville Lumber permanently closes its doors after 75 years
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Quebec Shuts Down Non-Essential Services
Quebec has shut down wood product manufacturers from March 24 until midnight April 13, 2020 considering them non-essential services.
SOURCE: Decorative Hardwoods Association, les boisés La Fleur, March 23, 2020.
New Zealand Forest Products Industry to Shut Down
The New Zealand wood processing and manufacturing industry was scheduled for a March 25, 2020 lockdown. The sector had not been classified as an essential business.
SOURCE: Global Wood Markets Info, March 25, 2020. New Zealand's lockdown forc#6D9
Australia’s Construction Industry “On Brink of Collapse”
The Australian construction industry was in serious trouble even before COVID-19. This is the sentiment of Joe Barr, CEO of John Holland, one of Australia’s biggest infrastructure firms and a wholly owned subsidiary of China Communication Construction Company.
SOURCE: Wolf Street, March 22, 2020. Australia’s Construction In#807
Plywood Industry in India District Hit as Migrants Leave
Closure of shops and other establishments because of fear over COVID-19 have led to the exodus of migrant workers from various parts of the Kerala District in India. The production of the plywood industry has been reduced to half as migrants returned to their homes.
SOURCE: The Times of India, March 24, 2020. Plywood industry hit as mig#6D6
NAHB Map Highlights Coronavirus-Related Exemptions
NAHB has produced a map that will be updated periodically that shows orders by state governments for the closure of non-essential businesses.
SOURCE: LBM Journal, March 24, 2020. NAHB map highlights COVID-1#808
Virus Survey by the Associated General Contractors (AGC)
In the first weekly survey, AGC indicated that 28% of its members’ projects have been halted or delayed. 909 AGC members responded to the first survey.
For Construction Pros, March 20, 2020. Coronavirus Halts or Delays#809