On Friday, Canadian studio Icon Architects released its design for a 31-story tower in Toronto, that if completed would be the tallest mass-timber structure in North America. According to Icon Architects, the building is planned as a residential tower and will use cross-laminated timber (CLT) as the material for the tower’s floors and for some of its walls.
Wood Markets News
US National Interagency Fire Center Wildfire Update for July 25, 2022—5 New Wildfires Reported
The US National Interagency Fire Center reported on Monday that the total number of large wildfires and complexes currently burning in the US has expanded to 93, with more than 3,116,631 acres across 15 different states currently burning. Five large new wildfires have been reported within the past 24 hours.
State Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs for June 2022: 38 States Increase
A deeper dive into the Bureau of Labor Statistics’ nationwide total nonfarm payroll employment summary for June reveals that nonfarm payroll employment increased month-over-month in 38 states in June compared to the previous month. Nationwide nonfarm payroll increased by 372,000 jobs in June, following a gain of 384,000 jobs in May.
With Wholesale Lumber Prices Down Nearly 50%, Can Lower Retail Lumber Prices Be Far Behind?
Paul Jannke, Principle of Lumber for Forest Economic Advisors, says that consumers may see the price of lumber at the retail store level decline considerably in the coming months. This would be after wholesale prices declined approximately 50% in June.
Economic Uncertainty and Higher Interest Rates to Slow Commercial and Multifamily Lending in Second Half of 2022
According to the updated baseline forecast released by the Mortgage Bankers Association on Wednesday, total commercial and multifamily mortgage borrowing and lending is expected to decline to $733 billion this year, down 18% from 2021 totals of $891 billion.
Europe is Experiencing a Record Wildfire Year as Climate Conditions Continue to Change
Wildfire conditions in Europe are intensifying, just as Europe experiences an unprecedented heatwave. Fires in parts of France, Spain, and Portugal have already destroyed more land in 2022 than in all of 2021. To date, 517,881 hectares have been destroyed.
Homes Are Taking Longer to Sell Just as Availability Improves and Prices Begin to Soften
Redfin is reporting that in the 4-week period ending on July 17, the typical home spent 19 days on the market. This is just one day longer than during the same period one year ago.
Home Building Construction Times Increased Year-Over-Year in 2021
According to the U.S. Census Bureau’s 2021 Survey of Construction, with further analysis provided by the National Association of Home Builders, the average completion time of a single-family house in 2021 was approximately 8.2 months.
Stz’uminus First Nation and BC Provincial Government Sign New Reconciliation Agreement
The signing of the reconciliation agreement is an incremental step toward the parties’ together identifying potential provincial Crown land for transfer, and a commitment to land transfer agreements as much as $28.5 million. Implementing the agreement will be an immense undertaking over several years.
Fannie Mae’s Economic and Strategic Research Group Downgrades Expectations for GDP Growth in Full-Year 2022 and 2023
Fannie Mae’s Economic and Strategic Research (ESR) Group announced on Wednesday that they were downgrading their expectations for full-year 2022 and 2023 real GDP growth. The ESR indicated that softening consumer spending and downward revision to business inventory investment data amid record inflation and higher interest rates were the cause for the downgrade.