MOBILE, Alabama, Jan. 14, 2022 — Consultants forecast lumber costs to proceed rising properly into 2022, following provide shortages ensuing from the Covid-19 pandemic.
Lumber costs have practically tripled within the final 4 months, inflicting the common worth of a single-family residence to extend by greater than $18,600, in line with the Nationwide Affiliation of Homebuilders.
The value of framing lumber topped $1,000 per thousand board ft on Dec. 29. That’s a 167-percent improve since late August, in line with Random Lengths, a company that gives worth assessments for the wooden merchandise business.
Why Lumber Costs Have Surged
Costs started to rise in April 2020, when manufacturing at sawmills declined in anticipation of lowered calls for.
Consultants who forecast decrease demand for brand spanking new properties and residential transforming tasks missed the mark, however that was only one downside.
After the Covid-19 pandemic hit, quarantine life modified every thing. Whereas extra individuals than ever tackled residence enchancment tasks, lumber mills didn’t ramp up manufacturing in time to satisfy the demand of do-it-yourselfers.
Lumber costs peaked at a record-breaking $1,500