As the pandemic crushed the U.S. economy last spring, sawmills shut down lumber production to brace for a housing slump. The slump never arrived and now there isn’t enough lumber to feed the red-hot housing market.
The shortage is delaying construction of badly needed new homes, complicating renovations of existing ones and causing sticker shock for buyers in what was already a scorching market.
Random-length lumber futures hit a record high of $1,615 on Tuesday, a staggering sevenfold gain from the low in early April 2020. That’s a big deal because lumber is the most substantial supply that home builders buy.
“I’ve never seen anything quite like this,” said Brant Chesson, the president and CEO of Homes By Dickerson, a Raleigh, North Carolina-based home builder.
Chesson said his company would love to build more homes to meet surging demand but currently it can’t find the materials, or labor, to do so.
“It’s absolutely contributing to a shortage of housing,” he said.
Let’s find out how many politicians (and ex-pols) are into lumber futures.
Was atHomey DePot earlier….3/4 inch floor board $63 per sheet. Holy sheet Batman! Not good today if one needs wood or steel.
Democrats are the Cause of ALL prices to SURGE !!!! Ruining America is their GOAL !!!!
Just wait & see How Much Biden & his Handlers RUIN America next 4 Looong Years !!!! Told You So !!!!!