Here is a link to Choosing Wood for Outdoor Projects. They list some inexpensive woods like oak as very resistant but I personally would consider it less rot resistant than cypress. I prefer to seal all my outdoor woods and I also prefer to use something with UV protection to keep the colors from fading to grey.
Cedar, is my #1 choice.
1x10 cedar stock is common, and the least costly, in $$$ per sq foot.
Some material, in this size, is rough on 2 surfaces---which makes for a nice textured finish, after sealing and staining.
Cedar can easily be cut, shaped and finished to your likeness.
''Dog-eared'' fencing material, is available in cedar---5/8" thick x 5-1/2" by 6-8ft lengths.
This makes for suitable patio and deck seating furniture.
Cedar can be left unsealed---but, it'll turn a silver/gray color, after exposure to the weather.
Some like the silver/gray natural appearance; however, I'd seal it with a sealed/stain, with a cedar tone finish, for a long lasting appearance.
I've made outdoor furniture, and the like, both ways.
Less expensive woods, such as fir or pine, can also be used, but it needs to be sealed and finished.
When selecting either materials, you'll need to use fasteners, suitable for exterior use---whether, screws, nails or staples.
If using pressure treated lumber, you need to use fasteners, that are suitable for treated lumber.
I have not been able to try this out but it looks intriguing - it is thermally treated lumber.
If anyone has experience with it, please add a reply.
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Teak is excellent choice. It won't warp either, nor will it swell. It is a wonderful hardwood that you'll also find on the deck of sailing boats and yachts. That said, it does require a little more maintenance to keep it looking like new.No matter which wood you choose, know that the best wood for outdoor furniture is one that will last for many years to come with little maintenance and no need to put it away for the winter.Thanks.