Archinet News is reporting that De Zwarte Hond, a European design bureau for architecture and urban design, has designed a timber office building for Dutch energy company Alliander.
Wood Markets News
Georgia-Pacific Completes Upgrades at Its Pineland Lumber Sawmill Facility in Texas
Georgia-Pacific announced that it has completed the $120 million capital improvement project at its Pineland Lumber sawmill facility, located in Pineland, Texas. After the upgrades, Pineland is now GP’s largest sawmill in the South.
US Existing-Home Sales Inched Higher Month-Over-Month in May
The National Association of Realtors® reported that total existing home sales recorded a 0.2% increase in May from April to a seasonally adjusted rate of 4.30 million homes. Year-over-year, sales are down 20.4%.
UK’s Largest Full Timber Structure to Be Built in London
Central London is set to have the UK’s first mass timber office block, Time Out reports. Being built by Piercy&Co, the new nine-story building is being constructed using 100% renewable energy and is set to be carbon net zero.
Fixed Mortgage Rates Creep Lower in the Week Ending June 22nd
The 30-year fixed-rate mortgage averaged 6.67%, down from last week when it averaged 6.69%. A year ago at this time, the 30-year FRM averaged 5.81%.
US Leading Economic Index® Declined Further in May, The Conference Board Reports
The Conference Board Leading Economic Index® (LEI) for the US declined 0.7% in May to a reading of 106.7 (2016=100), after posting declines of 0.6% in April and 1.2% in March. The LEI has dropped 4.3% over the six-month period from November 2022 to May.
US Weekly Jobless Claims Unchanged in the Week Ending June 17th
The advance figure for seasonally adjusted initial unemployment claims was 264,000 during the week ending on Saturday, June 17th. This is unchanged from the previous week’s revised level. The 4-week moving average was 255,750—an increase of 8,500.
Tolko on Track to Reopen High Prairie, Alberta, OSB Mill by End of 2023
Alberta’s South Peace News reported that Tolko Industries is continuing to work towards its goal of reopening its High Prairie OSB mill that was devasted by an interior fire last year on May 20, 2022.
Number of US Homes For Sale Declines Year-Over-Year in May, Reaching The Lowest Level Since 2012
Redfin reported that in May the number of homes for sale in the US declined 7.1% year-over-year to 1.4 million units on a seasonally adjusted basis. That is the lowest level in Redfin’s database, which dates back to 2012.
Freddie Mac Releases Its Multifamily Apartment Investment Market Index for Q1
Multifamily investment increased by 5.3% in Q1 but decreased year-over-year, with the annual index down 16.6%. The Index’s quarterly increase nationwide and in all 25 markets was a sharp reversal from last quarter’s drop.