Colorado-based architecture firm Tres Birds has confirmed that construction on the city’s tallest mass timber building will commence in July 2023, according to the Construction Specifier magazine. The project was one of six winners in the Softwood Lumber Board (SLB) and USDA Forest Service 2022 Mass Timber Competition: Building to Net-zero.
Wood Markets News
Stimson Lumber Company Announces Curtailments at Two Oregon Mills
Rising costs and weak market conditions have forced Stimson Lumber Company to curtail operations at its Clatskanie and Forest Grove, Oregon, mills. The company cited rising costs in many areas as weighing heavily on the ability to maintain an effective, safe, and healthy production environment.
As Mortgage Rates Dip, Home Affordability Increases
Redfin reported on Thursday that for the first time in the past four months, a homebuyer on a $2,500 monthly budget can afford a $400,000 home. This is a result of the average daily mortgage rate declining to 5.99%, the first sub-6% average since mid-September, according to Mortgage News Daily.
Report Highlights the Benefits of Building Schools Out of Wood
A recent report, “Wood Use in British Columbia Schools,” authored by BC-based architecture firm thinkspace and structural engineering firm Fast + Epp finds that BC schools have increasingly featured a more innovative, eco-friendly, and flexible designs.
Overall Construction Sector Employment Increased in January
A closer look at the Bureau of Labor Statistics nonfarm payroll report for January, with a focus on the construction sector and additional analysis provided by the NAHB, reveals that employment in the overall construction sector increased by 25,000 in January, following a gain of 26,000 in December.
US Nonfarm Payroll Increases by 517,000 in January; Unemployment Dips to 3.4%
The US Bureau of Labor Statistics reported Friday that total nonfarm payroll employment increased by 517,000 in January. The average monthly gain in 2022 was 401,000. The unemployment rate dipped to 3.4% and continues to hold in a narrow range that was established early in 2022.
Canadian Building Permits Declined in December and During All of Q4
Statistics Canada reported today that monthly seasonally adjusted value of building permits in Canada declined 7.3% in December to $10.3 (CAD). On a constant dollar basis (2012=100), the total value of building permits dropped 7.4% to $6.1 million.
Pfeifer Holding GmbH Completes Acquisition of Finland’s Pölkky Oy
The Austrian Pfeifer Holding GmbH announced on Tuesday that it has successfully completed the acquisition of the largest private wood process company in northern Finland, Pölkky Oy. The contract had been waiting on the competition authority’s approval, and that has just been secured.
Construction Sector Job Openings Increased in December
A closer look at the Bureau of Labor Statistics Job Opening and Turnover Survey report for December, with a focus on the construction sector and additional analysis provided by the National Association of Home Builders, reveals that the construction job openings rate increased by 5% month-over-month.
Brazilian Exports of Wood-Based Products Declined in December
According to the International Tropical Timber Organization, in December, Brazilian exports of wood-based products (except pulp and paper) declined 34.0% in value compared to a year ago, falling from US$423.2 million in December 2021 to US$278.8 million in December 2022.