Wood Markets News

Chile’s Forest Fire Season Second Worst in Recent History

With hot and dry weather conditions expected to continue through the week, Chilean firefighters are battling out-of-control forest fires. The current forest fires already have the distinction of being the deadliest in the country’s recent history and have the potential of becoming even more deadly, according to a report by Reuters.

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.

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.

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.