According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), U.S. house prices increased month-over-month 1.0% in August. House prices increased 18.5% from August 2020 to August 2021. The previously reported 1.4% price change for July 2021 remained unchanged.
Wood Markets News
16 Million Seedlings Hand Planted as New South Wales Recovers from the Black Summer Bushfires
More than 16 million pine and hardwood seedling have been hand planted in the New South Wales, Australia’s (NSW) forests this year to help rebuild the forestlands that were destroyed by the devastating Black Summer bushfires of 2019–2020. The trees will grow for approximately 30-years and then be harvested for renewable timber products.
World’s Tallest Hybrid Timber Tower Plans Approved
The 39-story Sydney Tower, billed as the world’s tallest hybrid timber tower when it was first unveiled in 2020, has been approved. The Shop Architects and BVN’s $1 billion (A$) will be the new home of Atlassian, the Australian tech company. The tower adjoins Sydney’s Central Station and it is intended to be a linchpin of the state government’s planned technology precinct.
Remodeling Growth Forecasted to Continue Deep into 2022
The Remodeling Futures Program at The Joint Center for Housing Studies at Harvard University released on Thursday (10-21-21) their Leading Indicator of Remodeling Activity (LIRA) Report. According to the LIRA, strong growth in home improvement and maintenance expenditures is expected to continue over the coming year.
September Construction Job Openings and Labor Turnover Report Released, Including State-By-State Breakdown
A closer look at the September 2021 Job Openings and Labor Turnover (JOLTS) report by state reveals that across the 48 states which reported construction sector jobs data — which includes both residential as well as non-residential construction — 30 states reported an increase in September compared to August, while 16 states lost construction sector jobs.
Desire for Home Ownership Moderated Slightly in Q3 2021 but still Remains Strong
At the onset of the COVID-19 pandemic in Q1 of 2020, the share of adults planning a home purchase hit a low of 10%. However, over the next five consecutive quarters that number increased and peaked at 17% in Q2 of 2021. Home purchasing desire cooled in Q3 of 2021, with share falling to 16%.
Mercer International Inc. Plans New Sawmill Investment Project in Arneburg, Germany
Mercer International Inc. has announced that it is once again pursuing a new sawmill investment project for the Saxony-Anhalt, Germany region. The original plans were brought to a standstill due to the COVID-19 pandemic. In fact, during the summer Mercer submitted the building application to the responsible planning office of the Stendal district.
USDA Announces $13 Million in New Funding for Grant Programs to Support Market Innovation in Wood Products and Wood Energy
During the “Leaders for the Built Environment” virtual event and kick off of National Forest Products Week on Tuesday (10-19-21), U.S. Deputy of Agriculture Secretary Jewel Bronaugh announced approximately $13 million in new funding opportunities to support market innovation in wood products and wood energy.
Timber Supply in U.K. Finally Catching Up with Demand
According to the U.K.’s Timber Trades Federation’s (TTF) Nick Boulton, TTF’s head of technical and trade, “After a year of record production and nine months of near record structural softwood imports it is highly likely the UK is at a point where there is sufficient volume of wood at UK ports and in the UK timber supply chain to satisfy construction demand.”
Homes are Selling Faster Pace This Fall Compared to End of Summer
Redfin, the Seattle-based technology powered real estate brokerage firm, released today (10-22-21) their new analysis of home sales data. Redfin is comparing today’s market with the pre-pandemic fall market of 2019 to highlight how hot the market remains, even as most measures are settling into typical seasonal patterns.