Rise of mass timber – Mass timber accounted for 1% of all building construction materials in North America last year. The global mass timber market reached $1.6 billion in 2022 and is forecast to rise to $1.9 billion this year. Analysts estimate the market could reach $4.9 billion by 2030 if global demand continues to grow at an annual rate of 14.5%. Canada now boasts 661 completed mass timber projects. The United States, in comparison, has about 356 completed projects.
When mass timber first emerged in Canada, it was federal and provincial governments or colleges/universities that commissioned most of the early commercial and institutional buildings. While they still dominate the building type mix, there’s a notable shift to multi-storey residential buildings, driven by private developers and builders. Today, a third of all planned and under construction mass timber projects are residential multi-storey projects.
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