There were 104,000 multifamily construction starts in Q3, of which 101,000 units were built-for-rent, according to the Census Bureau and NAHB.
Wood Markets News
Economies of Canadian Provinces Remain in a Holding Pattern
According reporting by the Financial Post on research by The Conference Board of Canada, Canadian provinces are feeling the pressure of restrictive interest rates.
UK Announces Investments in Climate and Pest Resilient Woodlands Research
The UK is investing £16 million ($20.2 million) to boost the country’s scientists in the development of climate and pest resilient woodlands.
US Single-Family Home Size Shrinks as Housing Affordability Deteriorates
The median single-family square floor area was 2,221 square feet in Q3, close to the lowest reading since the end of 2010, according to the US Census Bureau and NAHB.
Nova Scotia Forestry Innovation Trust Announces New Funding to Aid Businesses Adopting Sustainable Forestry Practices
The Nova Scotia Forestry Innovation Trust is investing $9.85 million (CAD) in a new program to support businesses facing increased costs from adopting more sustainable forestry practices.
UPM Announces Preparations for Temporary Production Cuts in Finland
UPM announced that it was preparing to start change negotiations on possible temporary layoffs at its UPM Pulp, UPM Timber, UPM Communication Papers, and UPM Biofuels businesses in Finland.
3D Printing and Mass Timber Join Forces to Create Apartment Building in Germany
Archinect recently profiled PERI 3D Construction, a German company collaborating with COBOD on the “first 3D-printed social housing apartment building in Germany and Europe.”
US Asking Rents Inch Lower for Second Consecutive Month in October
The average US asking rent declined slightly for the second consecutive month in October, slipping $3 to $1,718. Year-over-year, growth moderated at 0.4%, down from 0.8% in September and from 6.5% in December 2022.
Fannie Mae’s Economic and Strategic Research Group Releases Its Economic Commentary for November
Accordinf to Fannie Mae’s Economic and Strategic Research (ESR) Group, economic growth will likely decelerate and ultimately result in a mild recession in 2023, followed by a return to growth in 2025.
US Custom Home Building Declines in Q3
Recently released US Census Bureau data, with additional analysis by the NAHB, reveal a slowing market for custom home building after recent gains in market share.