We have good news for those of you planning a construction project……the cost of lumber is starting to fall!
Since the pandemic began, we’ve heard a lot about high demand and low supply for everything from toilet paper and Clorox wipes to groceries and vehicles. We saw a huge increase in the demand for things like lumber, and an even bigger increase in the costs for lumber and building supplies.
According to the Labor Department’s producer price index, lumber prices more than doubled from May 2020 to May 2021. The National Association of Home Builders says the price tripled in just 12 months.
Americans spent more time at home over the last year, contributing to an increase in home improvement and new construction projects. Adding to that, restrictions due to COVID-19 slowed production at sawmills. This increased demand and reduced supply resulted in skyrocketing prices for lumber.
We are finally starting to see an easing of high lumber prices. Americans are going back to work and things are slowly returning to “normal”. While we may not see a return to pre-pandemic pricing for some time, we are seeing improvements in lumber and building supplies pricing.
If you put off your construction project because of the increased pricing, now might be a good time to put the plans back on the books. The team at Prairie Construction is ready to help!