International housing construction developments - implications for hardwood utilization
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In: Proceedings of the 3rd international scientific conference on hardwood processing; 2011 Oct. 16-18; Blackburg, VA. Blacksburg, VA: Virginia Polytechnic Institute and State University: 223-234.
This paper describes the current state of international housing markets, providing general and statistical information on regional housing markets and will posit implications for the future. The emphasis is on regions that use appreciable quantities of wood in housing construction, principally North America, Europe, and Japan. In the past 15 years, housing markets became an area of increased focus for United States hardwood producers. Market developments are described for housing permits, starts, new and existing home sales, and multi-family housing. In the United States, the housing market is still bottom-bouncing - new home construction, single- and multi-family, are at levels only witnessed during World Wars I and II and the Great Depression. A recovery is being abated by increasing inventories of unsold homes, "shadow" homes, tougher lending practices, a persistent recession, and the specter of rising interest rates. Many estimates for a housing recovery project a number of years into the future. The Canadian housing market has rebounded from its dip in 2008-2009. The European housing construction market also is in decline, in large part due to the deterioration of Spain's housing market. The specter of bond defaults by Ireland, Portugal, Italy, Spain, Greece, and possibly Belgium hamper a meaningful recovery. As in the United States, increasing inventories of unsold homes in Ireland, Britain, and Spain, to list a few, are hindering a housing recovery. In Asia, China's change in construction regulations and the rebuilding of housing in Japan's tsunami zone should benefit hardwood producers.
Alderman, Delton. 2011. International housing construction developments - implications for hardwood utilization. In: Proceedings of the 3rd international scientific conference on hardwood processing; 2011 Oct. 16-18; Blackburg, VA. Blacksburg, VA: Virginia Polytechnic Institute and State University: 223-234.