Washington, DC’s first mass timber commercial office building has opened at 80 M Street. The new mass timber structure is located atop the oldest high-rise building in DC’s Navy Yard neighborhood. The project used about 1,380 tons of mass timber.
Wood Markets News
University of Washington Home to a New Mass Timber Building
The University of Washington is now the home of Founders Hall, the new location of the Foster School of Business. According to the project’s design architect LMN Architects, the 84,800 square foot mass timber building was designed to create a new hub for community, entrepreneurship, and innovation.
Investment in Canadian Building Construction Declines in September
Statistics Canada reported today that investment in building construction in Canada declined 0.6% to $20.9 billion (CAD) in September. Investment in residential building construction declined 1.3% to $15.4 billion. Single-family home investment fell 1.3% to $8.5 billion.
Mortgage Delinquency Rates Decline in Q3
According to the Mortgage Bankers Association’s (MBA) National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 3.45% of all outstanding loads at the end of 22Q3.
Bureau of Land Management Agrees to Reverse Trump-Era Post-Wildfire Logging Rule Changes
A year ago, environmental groups sued the Bureau of Land Management over rule changes made during the Trump administration that allowed the agency to log large areas of forests after a wildfire without first doing an environmental review.
Potential for US Class 1 Freight Railroad Strike Pushed to Early December
FreightWaves is reporting that the Brotherhood of Maintenance Way–Employee Division will not go on strike after November 19th, opting instead to hold off any potential work stoppage action until early December.
Mission Forest Products Holds Ribbon Cutting Ceremony
Mission Forest Products held a ribbon cutting ceremony on Wednesday to celebrate the opening of their new sawmill, located outside the city limits of Corinth, Alcorn County, Mississippi.
Home Prices Increase Only 3.2% Year-Over-Year in the Week Ending November 6th
According to the latest report from Redfin, for the four-week period ending on November 6th, home-sale prices increased 3.2% year-over-year. This is the smallest increase since July 2020.
Housing Affordability Continued to Decline in Q3
According to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index, just 42% of new and existing homes sold in Q3 were affordable to families earning the US median income of $90,000.
University of Michigan Preliminary Consumer Sentiment Index for November Declines
The University of Michigan released the preliminary results of its Consumer Sentiment Index (CSI) for November. The Index of Consumer Sentiment dropped to a reading of 54.7, down from 59.9 in October. This is a month-over-month decline of 8.7%.