It’s been a wild ride in 2020 for the U.S. timber industry, and the run up in prices shows no sign of easing.
First, mills temporarily shut down in March due to the COVID-19 pandemic. Then, in September in the timber nexus of the Northwest, wildfires have burned out of control threatening some timber plants.
After the COVID shutdown, homebuilders embarked on a surge of new house starts, while many homeowners took on home repairs and remodeling jobs during quarantine. The result has been a dramatic spike in demand accompanied by a supply shortage.
Lumber futures have climbed 50% this year, with prices on pace for the largest gain since 1993. The fires have prompted logging bans, closed railroad lines, and shuttered mills. Lumber commodity prices are expected to continue to be high well into 2021.
The average price of a new multifamily home has increased by $6,107 from mid-April to August due to higher material costs.
Related Stories
| Oct 31, 2012
Demand for living roofs, walls to reach $7.7 billion by 2017
The demand for green roofs and living walls is expected to climb from $5.3 billion in 2011 to $7.7 billion in 2017, according to a report from Lux Research.
| Oct 25, 2012
Philadelphia councilmen move to crack down on contractors working without licenses, permits
Two Philadelphia city councilmen are trying to crack down on the "underground economy" of developers and contractors who work without licenses and permits, pay cash under the table, and operate unsafe job sites.
| Oct 25, 2012
OSHA and NIOSH offer Spanish version of nail gun safety document
The Occupational Safety and Health Administration and the National Institute for Occupational Safety and Health have made available a Spanish version of “Nail Gun Safety - A Guide for Construction Contractors.”
| Oct 25, 2012
AGC holding webinar on sequestration’s potential impacts on the construction industry
AGC will hold a free webinar on sequestration and its potential impact on federal construction contractors on Nov. 7.
| Oct 25, 2012
Nashville providing incentives for green roofs
The city of Nashville, Tenn., is promoting the installation of green roofs through a measure providing a $10 reduction in a property's sewer fees for every square foot of vegetative roof.
| Oct 25, 2012
Net Zero buildings will use operating systems like computers to save energy
As buildings become more efficient and begin to use distributed electricity generation, they will need to become “smarter,” using operating systems much as a computer does.
| Oct 18, 2012
Princeton, N.J. residents upset over proposal to exempt colleges from land use laws
Princeton, N.J. residents criticized proposed legislation that would exempt private colleges and universities from following local land use laws for construction projects.
| Oct 18, 2012
Utah contracting firm challenges state immigration law
Universal Contracting LLC of American Fork, Utah, has filed suit challenging the constitutionality of Utah’s 2011 immigration law.
| Oct 18, 2012
More than 65,000 construction, design jobs may be cut if sequestration takes place
About $2 billion worth of construction and design projects would be eliminated if scheduled federal budget cuts, referred to as sequestration, take effect on Jan. 2, 2013.