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
| Jun 5, 2014
Over budget Homeland Security headquarters project may be canceled
A massive new headquarters for the Department of Homeland Security is more than $1.5 billion over budget, 11 years behind schedule, and may never be completed.
| Jun 5, 2014
Insurance giant sues nearly 200 Illinois communities for failing to prepare for climate change
Farmers Insurance filed nine class action suits against nearly 200 communities in the Chicago area, saying that local governments should have prepared for rising global temperatures that have led to heavier rains and flooding.
| Jun 4, 2014
Dikes, water pumps, and parks will help New York City area be more resilient
The Obama Administration has pledged $1 billion in federal funding to protect the New York City region from flooding like the area experienced from Superstorm Sandy.
| Jun 4, 2014
Green initiative may scuttle high-rise projects in Berkeley, California, critics charge
Volunteers in Berkeley, Calif., are collecting signatures for the “Green Downtown & Public Commons Initiative,” a controversial measure that critics charge would halt some development in the city.
| Jun 2, 2014
Parking structures group launches LEED-type program for parking garages
The Green Parking Council, an affiliate of the International Parking Institute, has launched the Green Garage Certification program, the parking industry equivalent of LEED certification.
| May 28, 2014
Commercial building measurement standard could meet resistance from owners
For some building owners, a new measurement standard could mean that their building would shrink in size and lose value.
| May 28, 2014
Resiliency measures for hurricanes can help with tornadoes
Architect Butch Grimes, who examined the wreckage after a half-mile tornado struck Tuscaloosa, Ala., believes toughening building codes can reduce damage from twisters.
| May 28, 2014
Rooftop wind turbines becoming green status symbol in New York City
New York City developers are using rooftop wind turbines in an effort to attract buyers by highlighting a building’s green credentials.
| May 28, 2014
Peer review process under way for the WELL Building Standard
The standard is the first protocol of its kind that focuses on improving human wellness within the built environment by identifying specific conditions that, when holistically integrated into building interiors, enhance the health and wellbeing of the occupants.
| May 22, 2014
ASHRAE releases best practice guide for liquid cooling systems in data centers
The publication provides guidelines on interface requirements between chilled-water systems and technology cooling systems and on the requirements of liquid-cooled systems that attach to a datacom electronics rack.
