Redfin reported that a first-time homebuyers must earn approximately $64,500 per year to afford a typical US “starter” home. Year-over-year, the earning level is up 13%, or $7,200.
Wood Markets News
Brazilian Exports of Wood-Based Products Declined Year-Over-Year in June
According to the International Tropical Timber Organization (ITTO), in June, Brazilian exports of wood-based products (except pulp and paper) declined 39.0% year-over-year in value to US$292.0 million in June.
Multifamily Lending Declined 2022, The Mortgage Bankers Association Reports
The Mortgage Bankers Association reported that 2,242 different multifamily lenders provided a total of $480.1 billion in new mortgages for apartment buildings with five or more units.
Potential Impact of Artificial Intelligence on Modular Construction
It is anticipated that artificial intelligence (AI) will revolutionize the construction industry, including the field of modular construction.
Job Openings and Labor Turnover Summary for June
As of the last business day in June, the number of job openings and rate was little changed at 9.6 million and the rate was unchanged at 5.8%.
New Tentative Labor Agreement Reached Between Canadian Dock Workers and Employers
Reuters reported on Monday that West Coast dock workers in Canada and their employers’ association have reached a tentative labor agreement, averting an immediate strike.
Canadian Building Construction Price Indexes Increase in Q2
According to the Canadian Building Construction Price Index, residential building construction costs increased 1.9% in Q2, following a 1.8% increase in Q1. Non-residential building construction increased 1.5% in Q2, following a 1.7% increase in Q1.
Mortgage Payments Declined 0.1% in June
The Mortgage Bankers Association reported that homebuyer affordability improved 0.1% in June. The national median payment applied for by applicants declined to $2,162 from $2,165 in May but up from $2,112 in April 2023.
US Dept. of Commerce Adds Antidumping and Countervailing Duties to Certain Hardwood Plywood Products Exported From Vietnam
The US Department of Commerce recently issued its final determination that plywood exported from Vietnam using inputs sourced from China is a product of China and is therefore subject to the antidumping duty and countervailing duty orders on hardwood plywood exported from China.
World’s Tallest Wood Turbine Being Constructed in Skara, Sweden
Modvion, a Swedish startup, is currently building the world’s tallest wooden turbine, according to a report by The Next Web. The company says the project is on track for completion this year.