The Zanzibar, Republic of Tanzania, will soon be home to the world’s tallest hybrid mass timber tower. The 28-story residential and commercial building will reach a height of 96 meters, or 315 feet. It will exceed the height of the current tallest hybrid building located in, Wisconsin.
Wood Markets News
Mortgage Rates Continue to Push Higher in the Week Ending October 20th
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 20th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.94% with an average 0.9 point, up from last week when it averaged 6.92%.
US Weekly Jobless Claims Decline for the Week Ending October 15th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 214,000 during the week ending on October 15; this is a decrease of 12,000 from the previous week’s revised level of 226,000.
US Housing Starts Fall in September, While Building Permits and Completions Rise
The US Census Bureau reported on Wednesday that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,439,000. This is 8.1% below the revised August estimate of 1,566,000 and is 7.7% below the September 2021 rate of 1,559,000.
Commonwealth Plywood Announces Reopening of Rapides des Joachims Sawmill in Quebec
Commonwealth Plywood Company Ltd. announced that it is reopening its sawmill located in Rapides des Joachims, Pontiac Country, Quebec. Commonwealth has invested over $ 1 million (CAD) to get the sawmill back into operation.
Hurricane Fiona’s Insured Damages in Atlantic Canada an Estimated $660 Million
The Catastrophe Indices and Quantification Inc. (IBoC) says that Hurricane Fiona caused an estimated $660 million (CAD) in insured damages. The IBoC says the storm was the costliest extreme weather event ever recorded in Atlantic Canada.
80M Project Gives DC Its First Commercial Office Building Using Mass Timber
The 80 M Street SE project, located in Washington, DC’s Navy Yard neighborhood, is the city’s first commercial office building to feature a vertical extension constructed using mass timber. It is also the first mass timber structure in DC to exceed 85 feet in height.
North Carolina Trees a Potential Source for Green Aviation Fuel
A new partnership announced last month between Envia, which turns trees and wood products into pellets that are burnt for energy, and Alder Fuels, a privately owned greed crude producer, could see a “green” aviation fuel derived from North Carolina’s trees.
Canadian Consumer Price Index Continued to Decelerate in September
Statistics Canada reported today that the Canadian Consumer Price Index (CPI) rose 6.9% in September on a year-over-year basis, reduced slightly from its 7.0% gain in August. On a monthly basis, the CPI rose 0.1%.
Mortgage Applications Decline Again in the Week Ending October 14th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending October 14, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 4.5% on a seasonally adjusted basis from one week earlier.