wood is only suited to it's particular niche in engineering materials. it will decay over time and eventually fail. is main use in construction is in low housing(three story max) and in temporary structures. and even in some of these cases it is unsuitable. wood is used because it is cheap. it is far from the best.
plastics made from biological materials would provide many more advantages than just using trees. this is because plastics are more versatile, they can be stronger, less flammable, more flexible, more conductive(use the structure of the house to distribute mains power?) less prone to decay over time and recyclable. plastics can also be used for other strucures, such as chemical plants, skyscraper cladding/reinforcement car manufacture, and so on.
they also lock up CO2 before you try that attack.