Trend: Engineered Wood

A lot of the new developments going up in our area such as the 10 West End Avenue & the Element Condominium at 555 W. 59th Street are using "engineered" wood for their flooring.
What is engineered wood? Why not choose solid wood to match the real marble and granite surfaces in some of Manhattan's sexiest new residences where it appears no expense has been spared in the interior design materials?

Engineered wood products are preferred over solid wood in many applications due to a certain comparative advantages:

1)Because engineered wood is man-made, it can be designed to meet application-specific performance requirements.
2)Large panels of engineered wood may be constructed from small trees.
Small pieces of wood and wood that has defects can be used in many engineered wood products, especially particle and fiber-based boards.
3)Engineered wood products are often stronger and less prone to humidity. Humidity induced warping than equivalent solid woods, although most particle and fiber-based boards readily soak up water unless they are treated with sealant or at least paint.
4)Engineered wood products are more expensive to produce than solid lumber in terms of time, money, and energy, but enjoy economic advantages when manufactured in large sizes due to the rarity of trees suitable for cutting large solid-wood panels. [Wikipedia]
5) Engineered wood looks fantastic!