Lumber prices to remain high for a while

If you have started construction on a new home or want to update a room in your house, you probably have experienced sticker shock when it comes to the price of building materials, especially lumber.

Last year, the price was $354 per thousand foot of lumber. By the first week of May, the price had risen to an alltime high of $1686, an increase of nearly 475%. By May 18, the price had cooled some, down to $1,264.

This explosion in price is being fueled by high demand and an extremely tight supply of lumber. New housing construction and remodeling projects of existing homes is driving the demand. Some of this is driven by the pandemic and many people working from home.

 

 

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