The average length of time to complete construction of a multifamily building in 2022, after receiving authorization, was 2.3 months longer than in 2021, according to the Census Bureau and NAHB.
Wood Markets News
NFIB’s Small Business Optimism Index Increased in July but Remains Below 49-Year Average
The National Federation of Independent Business Small Business Optimism Index increased 0.9 points to a reading of 91.9 in July. This is the 19th consecutive month that it has been below the 49-year average of 98.
First Timber High-Rise in Tasmania, Australia, Taking Shape
In Launceston, Tasmania, Australia, a $30 million (A$) high-rise building made from timber is taking shape, according to ABC News. Five of the seven levels are built with engineered timber beams.
Fannie Mae Home Purchase Sentiment Index Improves Slightly in July
The Fannie Mae Home Purchase Sentiment Index® increased slightly in July, as consumers’ confidence regarding their personal financial situation was largely offset by further pessimism toward homebuying conditions.
BC Dockworkers Ratify New Labor Agreement
Members of the International Longshore and Warehouse Union Canada have voted in favor of accepting a tentative agreement, according to reporting by The Candian Press.
ADMARES Group Announces Plans to Build a Smart Modular Home Plant in Waycross, Georgia
Finland’s ADMARES Group Ltd. plans to build six smart factories around the world, including one in Waycross, Georgia, according to Georgia Law News.
Chinese Companies Continue to Increase Sawn Timber Purchases via the Belarusian Universal Commodity Exchange
Between January and July, Chinese companies have increased purchases of sawn timber through the Belarusian Universal Commodity Exchange by approximately 2.5 times when compared to the same time period in 2022.
Converting Pittsburg, New Hampshire, Working Forest to Carbon Credits Risks Town’s Tax Revenue
InDepthNH is reporting that the town of Pittsburg, New Hampshire, is at risk of losing a significant source of income if logging revenue from the Connecticut Lakes Headwaters Working Forest is diverted by the current landowner, who is proposing using the land for carbon credits instead of logging.
Canadian Lumber Production Declined in May
StatCan reported that sawmill production declined 1.6% month-over-month to 4,008.9 thousand cubic meters in May.
Average Monthly Mortgage Payment Just Shy of All-Time High
Redfin reported that during the four-week period ending on July 30th, the typical US homebuyer’s monthly mortgage payment was $2,605 per month. That is up 19% year-over-year.