La Trobe University in Melbourne, Australia is now home to the mass timber student accommodation scheme created by Australian studio Jackson Clements Burrows. Two sweeping arcs providing accommodation for 642 students hug a central courtyard on the 18,000-square-metre site, which is the first to complete in a new masterplan for the university’s eastern residential precinct.
Wood Markets News
Builder Confidence Increases for Second Consecutive Month in October
The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes edged 4-points higher in October to a reading of 80. This marks the second consecutive upward movement in the HMI. Builder confidence topped at a level of 90 in November 2020.
Fannie Mae Economists Revise GDP Downward but Home Mortgage Rates and Values Upward
According to Fannie Mae’s Economic and Strategic Research (ESR) Group’s October 2021 commentary, global supply chain constraints continue to cap economic output amid growing inflationary and consumer-spending concerns. Accordingly, the ESR Group revised downward its full-year 2021 real gross domestic product (GDP) growth projections from 5.4% to 4.9%.
Roseburg Completes Purchase of 30,000 Acres of Timberland in Southern US
Roseburg announced on Wednesday (10-13-21) that it has completed the purchase of approximately 30,000 acres of timberland in the southern U.S. from Forest Investment Associates (FIA). The properties are located in the northeast region of North Carolina and the southeast region of Virginia and consist of well-managed loblolly pine plantations.
USNR and Wood Fiber Group Announce Merger
In a transaction that will create the world’s most comprehensive supplier of the equipment, technology, and essential tools used in modern wood processing facilities, USNR and Wood Fiber Group have announced their merger. The merger will create a single company with unmatched product range.
Median Home Price Jumps 14% in September, Marking 14th Consecutive Months of Double-Digit Gains
Redfin, the Seattle-based, technology-powered real estate brokerage, reported in a news release on Friday (10-15-21) that year-over-year the median home sales prices rose 14% in September to $376,800.
Prices for Goods Used in Residential Construction Decline Modestly in September
A closer look at the recently released Bureau of Labor Statistics (BLS) September Produce Price Index (PPI), with analysis provided by the National Association of Home Builders (NAHB), reveals that prices paid for goods used in residential construction, less energy, decreased -0.8% — not seasonally adjusted — in September.
Canadian National Home Sales Increase Month-Over-Month in September
The Canadian Real Estate Association (CREA) reported today (Friday 10-15-21) that Canadian national home sales edged higher between August and September 2021. According to the CREA, Canadian home sales rose 0.9% on a monthly basis in September — the first month-over-month increase since March 2021.
Canadian Industrial Product Price Index for September Rose 1% Month-Over-Month and 15% Year-Over-Year
Statistic Canada (StatsCan) today (10-15-21) released their flash estimates for the Industrial Product Price Index (IPPI) for September. The IPPI increased 1.0% month-over-month in September and was up 15.0% year-over-year. The month-over-month increase in IPPI was led higher by 3.3% increase in energy and petroleum.
University of Michigan Preliminary Consumer Sentiment Index Released for October
The University of Michigan today (10-15-21) released its preliminary Consumer Sentiment Index (CSI) for October. The CSI declined to a reading of 71.4 in October, down from 72.8 in September. This is a month-over-month decrease of -1.9% and a year-over-year decrease of -12.7% (81.8 in October 2020).