According to the latest data provided by the US Census Bureau’s American Community Survey for 2021, with additional analysis provided by the National Association of Home Builders, the median age of owner-occupied homes in the US is 40 years. A little less than half of the owner-occupied homes were built prior to 1980.
Wood Markets News
Aspen Planer Mill in BC Resumes Operations Processing Cedar Logs, but Cutting Permit Issues Remain Unresolved
Representatives of AP Group, the parent company of the Aspen Planer Mill located in Merrit, BC, told the Merritt Herald on Friday that the mill was restarted on Wednesday, February 1st. The facility has been closed since early December (for an undetermined amount of time) due to a lack of approved cutting permits.
US Forest Service Accepting Applications for Wood Innovations Projects
The US Department of Agriculture’s Forest Service has announced that it has begun accepting applications for the Wood Innovations Grant and Community Wood Grant programs. Totaling $41 million, the grant programs are intended to spark innovations and create new markets for wood products and renewable energy.
Denver Prepares for the Construction of “Return to Form,” Winner of the 2022 Mass Timber Competition
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.
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.