The world’s tallest timber tower has been pitched for Perth, tipping out tech giant Atlassian’s approved Sydney timber hybrid tower. Grange Development recently filed plans for a $350-million, 50-story timber-hybrid residential tower of 245 apartments. At almost 183 meters, the development would be the tallest timber building in the world.
Wood Markets News
Pending Homes Sales Decline for Sixth Consecutive Month in April, Falling -9.1% Year-Over-Year
The National Association of Realtors® reported on Thursday their Pending Homes Sales Index declined -3.9% in April to a reading of 99.3. This marks the sixth consecutive monthly decrease in contract activity. Year-over-year, contract signings have declined -9.1%. Three out of the four major regions reported declines.
BEA Reports Real GDP in Q1 of 2022 Decreased at an Annual Rate of -1.5% In Its “Second Estimate”
The Bureau of Economic Analysis released today its “second estimate” of real gross domestic product (GDP) for Q1 of 2022. According to the report, real GDP in Q1 declined at an annual rate of -1.5%. This follows a 6.9% increase in GDP in Q4 of 2022. The GDP estimate released today is based on more complete source data.
30-Year & 15-Year Mortgage Rates Move Lower in the Week Ending May 26, 2022—The Second Consecutive Decline
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 26, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.10% with an average 0.9 point, down from last week when it averaged 5.25%. A year ago, at this time, the 30-year FRM averaged 2.95%.
Weekly Jobless Claims Slightly Lower in the Week Ending May 21, 2022
An additional 210,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, May 21, 2022. This is a decrease of 8,000 from the previous week’s unrevised level. The 4-week moving average was 206,750, an increase of 7,250 from the previous week’s unrevised average.
Japan’s Mitsui and Nomura Enter Into an Agreement to Purchase Australia’s New Forests
On Friday, New Forests announced that Japan’s Mitsui and Nomura had entered into an agreement to purchase 100% of all the shares of New Forest. Mitsui and Nomura will provide capital to support New Forests’ strategic growth initiatives and the global expansion of its investment platform.
Roseburg Forest Products Holds Groundbreaking Ceremony for Its New Roanoke Valley Lumber Sawmill
Roseburg Forest Products held a groundbreaking ceremony on Monday at the site of its new Roanoke Valley Lumber Sawmill located in Weldon, North Carolina. Last summer, the company announced it planned to further expand its operations in the Southeastern U.S., with the new 375,000-square-foot, high-capacity dimensional lumber mill.
Tolko Company Provides Brief Update on High Prairie, Alberta OSB Fire That Occurred on May 20, 2022
Tolko Company has provided a brief update on the fire at its OSB mill facility in High Prairie, Alberta. The fire was initially reported at approximately 5:00 AM MDT on Friday, May 20, 2022. The mill was evacuated, and local emergency crews were called to aid the facilities fire suppression system. The fire was declared out about 90-minutes later.
Stora Enso and Modvion Partnering on Wood Wind Turbine Towers
Stora Enso Oyi and wood technology company Modvion AB are partnering together to make wood the material of choice for wood turbine towers. Modvion builds wind turbine towers with laminated veneer lumber (LVL). Stora Enso is a leading supplier of mass timber products, including LVL.
Mortgage Applications Decline for Fourth Consecutive Week in the Week Ending May 20, 2022
According to data from the Mortgage Bankers Association, for the week ending May 20, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -1.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined -2.0% compared with the previous week.