News
Canadian Furniture Retail Sales Up Month-Over-Month
Canadian seasonally adjusted retail furniture store sales in June increased 1.3% from May to $1.17 billion (CAD) but were 8.8% lower than the same month in 2022. Sales for building material dealers fell 1.4% from May to $3.85 billion and were 9.0% lower than June 2022. Total Canadian retail sales grew 0.1% from May to
Behr Announces 2024 Color of the Year
Behr revealed that its 2024 color of the year is “Cracked Pepper,” a “soft black shade that accentuates the spaces you create life moments in.” Other major paint companies, including Glidden and Valspar, announced statement colors featuring calming hues for 2024. See Behr
Upcoming Industry Conference
The Forest Products Society (FPS) is hosting its 7th biennial international conference on Processing Technologies for the Forest and Bio-Based Products Industries from October 30-November 30. The conference will be held on St. Simons Island, GA. See FPS Conference
West Fraser Names New President & CEO; Ferris to Retire
West Fraser, Vancouver, BC, announced that Sean McLaren will become President and Chief Executive Officer on January 1, 2024. McLaren succeeds Ray Ferris, who will retire at the end of 2023 after holding the position since 2019. McLaren has been with the organization and its predecessor companies for 35 years, most recently serving as Chief
Canada Launches Forest Sector Innovation Funding Programs
On August 10, Natural Resources Canada (NRCan) launched three forest products sector innovation funding programs, including Investments in Forest Industry Transformation (IFIT). Selected IFIT projects receive up to $10 million as a non-repayable contribution towards innovative technologies or products, sector decarbonization and improvements in resource use efficiency. Other funding opportunities include the Green Construction through
Innovation Awards Submission Deadline Extended
The deadline to apply for CPA’s inaugural Innovation Awards has been extended to September 1, 2023, to accommodate additional member interest. This newly launched awards program, developed and managed by CPA’s Decorative Surfaces Council (DSC), recognizes significant and creative advances in technology, product development and service solutions in the industry. The new awards program is
CPA to Host Webinar on Apprenticeship and Internship Programs
CPA is hosting a webinar for members in September.
U.S. Home Sales Up in July
U.S. sales of new single-family homes in July were at a seasonally adjusted annual rate of 714,000, increasing 4.4% from June and 31.5% higher than the comparable month in 2022. The seasonally adjusted estimate of new homes for sale through July was 437,000, representing a 7.3-month supply at the current sales rate. See U.S. Census
August U.S. Builder Confidence Weakens
U.S. builder confidence for new single-family homes in August decreased six points from July to 50, marking the first decline in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). The HMI component gauging current sales conditions dropped five points to 57, while the measurement of sales expectations in
Home Improvement Retailers Post Lower Q2 Sales and Earnings
The world’s two largest home improvement retailers published second quarter 2023 financial results. The Home Depot, Atlanta, GA, reported Q2 2023 net sales of $42.9 billion, down 2.0% over the comparable period in 2022. Net quarterly earnings fell 9.9% from the same three months of 2022 to $4.7 billion. See The Home Depot The Lowe’s
July Architectural Billings Unchanged
The July Architecture Billings Index (ABI) dipped 0.1 points to 50.0, according to The American Institute of Architects (AIA) Economics & Market Research Group. A score above 50 indicates growth in billings, while a score below means a decline in firm billings. Design contracts decreased 2.7 points from June to 50.0. July billings were below
Canadian Furniture Retail Sales Up Month-Over-Month
Canadian seasonally adjusted retail furniture store sales in June increased 1.3% from May to $1.17 billion (CAD) but were 8.8% lower than the same month in 2022. Sales for building material dealers fell 1.4% from May to $3.85 billion and were 9.0% lower than June 2022. Total Canadian retail sales grew 0.1% from May to