Norway’s third tallest skyscraper is unique. The building was built using local pine, which was harvested straight from its own backyard and is at the center of lumber-based architecture. The Mjøstårnet was built with 100% diverse types of engineered wood. Everything, including the elevator shaft, features complete wooden construction.
Wood Markets News
Unsuccessful Would-Be Home Buyers Are Increasingly Dropping Out of the Process
A closer look at the National Association of Home Builders’ latest Housing Trend Report reveals that 67% of buyers who were actively engaged in the process of finding a home in 2022 Q1 have spent 3+ months searching for a home without success. Forty-eight percent of respondents said it was because of their inability to find an affordable home.
Australian Forestry Industry Hopes Pulp Log Trial Can Help the Country Overcome Structural Timber Shortage
Forest and Wood Products Australia, in partnership with the Green Triangle Forest Industries Hub, has received an Agricultural Trade and Market Access Cooperation program grant of $1.3 million (A$) to explore opportunities to create new wood products using softwood and hardwood pulp.
Mass Timber Passive House Condo Project Coming to Toronto
A venture between R-Hauz, Windmill Development, and Leader Lane to build the first-ever mass timber passive house condominium project in Toronto is in the design phase. The project will include three six-story residential buildings to be built near the Mimico GO station in Etobicoke and will have a total of 83-units.
Coillte Announces New Strategy to Expand Ireland’s Carbon Capture and Forestry Planting
Coillte, which manages 440,000 hectares of Ireland’s state-owned woodlands (7% of the country’s land area), has announced that it has launched a major new strategy to optimize the benefits from forestry in Ireland. Coillte plans to greatly expand carbon capture, forestry planting, biodiversity, and recreational facilities between now and 2050.
Despite Headwinds, the U.S. Leading Economic Index® Continued to Improve in March 2022
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (3-18-22) the Leading Economic Index® (LEI) for the U.S. in March 2022. According to the report, the LEI for the U.S. increased by 0.3% in March to 119.8 (2016=100), following a 0.6% increase in February.
Mortgage Rates Continued to Climb in Week Ending April 21, 2022, Marking the 7th Consecutive Weekly Increase
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 21, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.11% with an average 0.8 point, up from last week when it averaged 5.00%. A year ago, at this time, the 30-year FRM averaged 2.97%.
Weekly Jobless Claims Move Lower in the Week Ending April 16, 2022
The U.S. Department of Labor is reporting that an additional 184,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, April 16, 2022. This is a decrease of 2,000 from the previous week’s revised level. The 4-week moving average was 177,250.
Existing Home Sales Drop for Second Consecutive Month in March 2022
The National Association of Realtors® reported on Wednesday that total existing home sales dropped -2.7% in March from February to a seasonally adjusted rate at 5.77 million homes. This marks the second consecutive month of declines.
Mortgage Applications Decline for Sixth Consecutive Week in the Week Ending April 15, 2022
According to data from the Mortgage Bankers Association, for the week ending April 15, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -5.0% on a seasonally adjusted basis from one week earlier.