The world’s tallest mass timber building could be built as part of a $700 million activation of the Marcus Performing Art Center garage snow pile, Wood Central reported.
Wood Markets News
US Fixed-Rate Mortgages Little Changed in the Week Ending July 25th
The 30-year fixed-rate mortgage averaged 6.78%, up from last week when it averaged 6.77%, Freddie Mac reported.
US Weekly Initial Jobless Claims Decline in the Week Ending July 20th
The advance figure for seasonally adjusted initial unemployment claims was 235,000, a decrease of 10,000 from the previous week.
Canadian Employment Up for Fifth Consecutive Month in May
The number of Canadian employees receiving pay and benefits from their employer increased by 41,000, or 0.2%, in May. This was the fifth consecutive monthly increase.
New US Residential Single-Family Home Sales Decline in June
New residential single-family home sales were at a SAAR of 617,000, 0.6% below the revised May rate and 7.4% below the June 2023 rate.
Canada to Invest $500,000 in CLT Manufacturing in Sturgeon Falls, ON
FedNor will invest $500,000 (CAD) in Sturgeon Falls Brush and Contracting Limited (SFB) for a boiler system to dry lumber that meets the requirements for the CLT industry.
Sawmill Production Declines in Q1
The production index for sawmills and wood preservation industries fell to 91.9 in Q1 (2017=100), the Federal Reserve and NAHB reported.
Freddie Mac Releases Midyear Outlook for Multifamily Housing
Freddie Mac expects multifamily performance to remain muted for the remainder of the year as the market works through a historically high supply of new units.
Bank of Canada Cuts Key Interest Rate by Quarter Point to 4.5%
The Bank of Canada cut its key interest rate for a second consecutive time but warned the path back to 2% inflation may be uneven and would ultimately determine the pace of future cuts, The Canadian Press reported.
Mortgage Applications Decline in the Week Ending July 19th
Mortgage loan application volume decreased 2.2% on a seasonally adjusted basis from one week earlier, MBA reported.