Lumber is in short supply as builders’ head into a spring building season that is expected to be one of the busiest in years letting lumber prices drive home design prices. A lumber shortage has pushed prices to record highs as builders stock up for what is expected to be one of the busiest construction seasons in years.
Lumber Prices Drive Home Design Prices Higher
Wildfires help Lumber Prices Drive Home Design Prices Up
According to The Wall Street Journal, lumber prices started to rise as wildfires destroyed prime forests and Hurricane Irma temporarily shut down Florida and Georgia mills. A trade dispute between the U.S. and Canada, which supplies one-third of U.S. lumber, exacerbated the issue and therefore lumber prices drive home design prices. And on top of that, a shortage of railcars and trucks has driven up transportation costs.
Labor Shortage Helps Lumber Prices Drive Home Design Prices
Material prices now rival labor shortages as builders’ main concerns, a National Association of Home Builders survey showed in January. Prices for common building varieties like spruce and southern pine are at or near records, according to price-tracking publication Random Lengths. March-dated lumber futures at the Chicago Mercantile Exchange hit a record of $532.60 per 1,000 board feet last week after climbing more than 50% in 14 months leading to the fact that lumber prices drive home design prices.
Transportation Helps Lumber Prices Drive Home Design Prices Higher
Builders in the U.S. say the higher lumber prices drive home design prices up. Lumber prices started rising last year (2017) after fires destroyed prime forests and a trade dispute between the U.S. and Canada restricted supplies and therefore lumber prices drive home design prices up. Now a shortage of railcars and trucks is forcing builders to pay even more.
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