Tokyo-based Obayashi Corporation and Sydney-based Built Pty Ltd. have started work on a 182-meter-tall (597 feet) skyscraper in central Sydney. The project is part of a partnership to build what will be the world’s tallest hybrid-timber building using an eco-friendly wood product.
Wood Markets News
Canadian Consumer Price Index Up 7.0% Year-Over-Year in August—Smaller Than July’s Gain
Statistics Canada reported today that the Consumer Price Index (CPI) increased 7.0% on a year-over-year basis in August, down from July’s 7.6% gain. This was the second consecutive slowdown in the year-over-year price growth.
Mortgage Applications for New Homes Down Year-Over-Year but Up Month-Over-Month in August
The Mortgage Bankers Association reported today its Builder Application Survey (BAS) data for August 2022. The BAS shows that mortgage applications for new homes purchased in August declined 10.1% year-over-year. When compared to July of 2022, applications increased by 17%.
Shares of Mortgage Loans in Forbearance Slightly Lower in August; 360,000 Homeowners Still Remain
According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased by 2 basis points, from 0.74% of servicers’ portfolio volume in the prior month to 0.72% as of August 31.
Listings of Homes for Sale in the US Declined 8% Month-Over-Month in August
According to the latest report from Redfin, seasonally adjusted new listings of homes for sale declined 8% month-over-month in August to their lowest level since May 2020. Prior to the pandemic, there hadn’t been so few homes listed in the market since 2012.
Sweden’s Setra to Invest in Its Own Pellet Plant at Its Långshyttan Glulam Factory
Setra, one of Sweden’s largest wood products companies, announced on Friday that it intends to invest in its own pellet production plant at its factory in Långshyttan. In a statement, the company says the investment is strategic and will increase the value of bioproducts, as well as reduce transportation and CO2 emissions.
Canadian Industrial Product & Raw Materials Price Indices Both Declined Month-Over-Month in August
Statistics Canada reported today that the Industrial Product Price Index (IPPI) fell 1.2% month-over-month in August, its third consecutive monthly drop. Prices of raw materials, as measured by the Raw Materials Price Index (RMPI), declined 4.2% on a monthly basis in August.
BC’s Vancouver Island University Planning to Build 9-Story Mass Timber Student Housing Project
Vancouver Island University (VIU) is planning to build an $87.8 million (CAD), nine-story mass timber student housing project that, when complete in the autumn of 2025, will include 266 student beds, a common area, and a new dining hall at its Nanaimo, BC, campus.
State Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs Released for August 2022
The Bureau of Labor Statistics’ (BLS) nationwide total nonfarm payroll employment summary for August with a state-by-state overview and a focus on construction reveals that nonfarm payroll employment increased month-over-month in 37 states in August compared to the previous month, while 13 states and DC lost jobs in August.
Builder Sentiment Declines for Ninth Consecutive Month in August as Housing Continues to Slow
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes tumbled 3-points lower in September to a reading of 46. This marks the ninth consecutive monthly decline.