The City of South Perth, Australia’s skyline is about to become home to one of the world’s most unique tower buildings. Grange Development submitted plans on Thursday (4-21-22) to the City of South Perth for what is set to be the world’s tallest $350 million (A$) hybrid timber tower and Australia’s first carbon negative building.
Wood Markets News
Zillow’s March Real Estate Market Report: Home Prices Up 19.5% in Past 3 Months and 38% Year-Over-Year
Zillow Group is reporting that quickly rising mortgage rates continue to negatively impact affordability that has been brought on by record home value growth. As a result, monthly mortgage payments on a typical U.S. home are currently 19.5% higher than they were just 3-months ago and are 38% higher year-over-year.
Canfor to Invest $130 Million to “Significantly Upgrade and Expand” Its Urbana, Arkansas Facility
Canfor Corporation announced on Thursday (4-21-22) that it will invest approximately $130 million to “significantly upgrade and expand” its sawmill and planer facility located in Urbana, Arkansas. The upgrades include major improvements to the planer, sawmill, and log yard. They are expected to commence in the third quarter of 2022.
Canfor Holds Groundbreaking Ceremony for Its New Sawmill Facility in Deridder, Louisiana
Canfor held its official groundbreaking ceremony on Thursday for a new sawmill facility in DeRidder, Louisiana. The new facility will be Canfor’s first greenfield project, as well as the company’s first investment in the state. The site is projected to be $160 million state-of-the-art sawmill complex and will be Canfor’s 16th operation in the U.S.
Canadian Industrial Product Price Index Up 4.0% Month-Over-Month and 18.5% Year-Over-Year in March 2022
Statistics Canada (StatsCan) reported on Friday (4-22-22) that the Canadian Industrial Produce Price Index (IPPI) rose 4.0% month-over-month in March 2022. This increase is the largest monthly change on record since the series started in 1956. Growth was mainly driven by higher prices for refined petroleum products.
Norway’s Third-Tallest Skyscraper Is 18-Stories Tall and Built With 100% Locally Harvested Pine Timber
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.
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.