As the pandemic hit, many people began home improvement projects that they had been putting off while being stuck at home. Simultaneously, sawmills and wood processing factories were temporarily shutting their doors. Additionally, a 2017 20% tariff on Canadian lumber had kept that supply limited to U.S. consumers. Nonproductive factories combined with existing tariffs are causing the lumber market to climb at unprecedented rates. By the end of 2020, lumber tariffs were reduced to 9% for Canadian lumber. Read More
As President Biden unveiled his infrastructure plan in Pittsburgh yesterday, it kicked off the first step in what is estimated to be a months-long negotiation with Congress. The American Society of Civil Engineers estimates that approximately $2.6 trillion dollars is needed to restore America’s infrastructure over the next decade. Biden’s plan, called the “American Jobs Plan,” is estimated to be around $2 trillion. The plan is said to be funded by raising corporate taxes from 21% to 28%.
The winter storm that impacted so many in Texas is now looking to have long term impacts on global consumers. Major petrochemical plants throughout the Gulf of Mexico were forced to shut down during the freeze, and many remain offline a month after the incident.
As Texas begins to thaw from the winter storm that ravaged the state, the rest of the nation is finding out that Texas operates off its own electrical grid. The U.S. has three power grids: one manages the eastern side of the country, one manages the western side, and Texas.
As we try to put 2020 in our distant memories, the global pandemic is still rampant. Energy plummeted 37% and was the worst-performing sector of the S&P 500 as the year ended. Exxon reported an annual loss of $22 billion while its market value fell by $120 billion. Chevron’s market value fell by $68 billion.
As people around the world line up for their Covid-19 vaccines, the global travel industry is anxiously looking for the light at the end of the tunnel. The debate will still ensue as government officials weigh the options of requiring proof of vaccination as borders begin to open to international travelers. In April 2020, air travel was down by 96% but has slightly rebounded to be down by 58% in our current environment.
As many Americans turned to cyber deals instead of in-store Black Friday specials, California-based Flock Freight is looking to revolutionize how those packages make their way into homes. The trucking industry has revenues of over $700 billion annually and is expected to grow by 75% into 2026. The trend to revolutionize trucking was being pushed by digitally matching truckers with shippers. Taking another approach, Flock looks to use its algorithms and software to pool shipments into a single truckload to increase efficiency. While Flock is not making the last mile deliveries, they are a vital part of the supply chain of companies looking for materials and products.
As the entire world anxiously awaits the outcome of today’s election, let’s take a minute to reflect on how we got here with some of the most interesting facts about Election Day and global elections. (And maybe finish off the day with a free snack?)
New York Governor Andrew Cuomo announced Monday that he will cancel all in person classes in schools and day cares within nine NYC neighborhoods this week. New York City Mayor Bill de Blasio is also suggesting restrictions on nonessential businesses during this surge in cases, which Cuomo is currently not supporting. “While the principals are back and have prepped schools for safety, the Mayor’s agreement undermines parent confidence in schools and the ability of these institutions to do their job.” There are around 300 public and private schools that will be forced to shut their doors and commence virtual learning.