A strip built boat is made of small strips of wood so if you were wondering where the name came from, now you know. The method is often called cedar strip, because the wood used is typically cedar. It does not have to be. Any straight grained, light-weight wood can be used. I have used redwood, pine, and mahogany as well as Alaskan cedar, western red cedar, northern white cedar, and atlantic white cedar.
The reason you want straight grained is because you will be bending the wood around forms. This stress will break wood with poor grain. For this reason you also want to avoid knots. They cause a weak spot and are also hard to smooth when you start fairing the boat. You want light weight, because you want a light boat. If you don't then ignore this advice.