Pricey Lumber is Back Boosted by Supply Cuts and Labor Shortage
Post date
October 29, 2021
Body
Marcy Nicholson and Jen Skerritt, Bloomberg
High lumber prices are back, even as the industry steps into what is normally a seasonal lull.
Prices are climbing amid tight supplies and a pickup in homebuilding. Western Canada is seeing reduced output and the U.S. south is grappling with labor shortages. The U.S. is also expected to double duties on a common Canadian wood next month, adding to costs.
On October 26, lumber futures were trading around $735.70 per 1,000 board feet in Chicago, more than double the pre-pandemic five-year average around $356.