Described in October 2022 as the crown jewel of the massive $2 billion dollar expansion of the Portland International Airport, the 9-acre mass timber roof, which has been under construction since last year in a remote corner of the airfield, has been installed.
Wood Markets News
Building Materials Costs Decline Month-Over-Month in December
A closer look at the Bureau of Labor Statistics December Producer Price Index (PPI) report reveals that the prices of goods used in residential construction ex-energy and not seasonally adjusted declined 0.3% in December—the fourth consecutive monthly decline.
BC Funding Projects to Expand Use of Fiber to Benefit Forestry Workers and Communities
New funding for the Forest Enhancement Society of British Columbia will benefit forestry workers and communities. The funding will be used to increase fiber supply aimed at keeping people working and local mills running, while at the same time reduce wildfire risks and climate emissions.
Lower Mortgage Rates Rejuvenate Buyer Interest, and Home Sale Prices Are on the Rise
Redfin reported on Thursday that in the four weeks ending January 15th, the median US home-sale price increased 0.9% from a year earlier to $350,250. This is the biggest increase in a month.
New Home Mortgage Applications Declined Month-Over-Month and Year-Over-Year in December
The Mortgage Bankers Association reported on Friday that data from its Builder Application Survey for December revealed mortgage applications for new home purchases decreased 5% month-over-month and 25.2% year-over-year.
Existing Home Sales Down Month-Over-Month and Year-Over-Year in December
The National Association of Realtors® reported on Friday that total existing home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 1.5% monthly decline in December, reaching a seasonally adjusted rate of 4.02 million homes.
US Housing Starts, Permits, and Completions All Fell in December
The US Census Bureau reported on Thursday that privately‐owned housing starts in December were at a seasonally adjusted annual rate of 1,382,000. This is 1.4% below the revised November estimate of 1,401,000. Single-family housing starts in December were at a rate of 909,000.
Simpson Strong-Tie Acquires EstiFrame Technologies
Simpson Strong-Ti announced on Tuesday that it has acquired EstiFrame Technologies, located in Elk Grove, California. EstiFrame, founded in 2017, provides component manufacturing and framing technologies to the construction industry, including EasyFrame.
Remodeling Sentiment Dipped in Q4 but Remains in Optimistic Territory
According to the National Association of Home Builders/Westlake Royal Remodeling Index for 2022Q4, remodelers market sentiment declined 17 points year-over-year, from a reading of 83 in 2021Q4 to a reading of 66 in 2022Q4.
Wisconsin-Based WholeTrees Structures Hopes to Reopen Shuttered Mill in Ashland, Maine
WholeTrees Structures has announced its intentions to reopen the shuttered MooseWood Millworks flooring plant in Ashland, Maine. WholeTrees plans on using the facility to become Maine’s first manufacturing plant for a natural log product known as structural round timber.