Will the “EU” turn into the “PU”? As Britons head to the voting booth markets are signaling a belief that the UK will not leave the European Union. The Dow posted a solid 230 point move to close at 18,011 on heavy trading volume. The results of the election will be not known until tomorrow. This is interesting to see unfold.
WTI oil today went back over $50 per barrel rising 1.9%. Gold fell $9.20 an ounce to $1,260.
Seattle based Weyerhaeuser announced it was closing a lumber and plywood mill in Columbia Falls, Montana due to a log shortage and low capacity utilization. The company wants to shift capacity to its stud mill in Kalispell where it plans to add shifts. The company also plans to move its Montana headquarters to Seattle which will be a shock to anyone who chooses to transfer from Columbia Falls to Seattle where they will be stuck in traffic and pay 2X+ for housing. Weyerhaeuser purchased the mill when it bought out Plum Creek Timber. The mill employs about 200 people in the Columbia falls area.
Speaking of Seattle…..the Puget Sound Business Journal reports that there are now 64 large projects under construction as roads, bridges, apartments, tunnels and office towers are being built to accommodate growth in the tech industry. Downtown Seattle is packed as the millennials move into areas that are urban and have walkability with access to work, restaurants and bars. People in the construction business that I talk to currently see no slowdown on the horizon. An electircal contractor I spoke with said he could hire 20 people right now if they were available. He has turned down several million dollar jobs due to lack of labor. Its crazy!