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
| Jul 11, 2013
DOE releases stricter energy efficiency standards for new federal buildings taking effect in 2014
The Energy Department released stricter energy efficiency standards this month for new federal buildings.
| Jul 11, 2013
Pennsylvania legislators work on bill to update demolition codes following fatal building collapse
Pennsylvania lawmakers are working on a bill to update demolition codes, in the wake of a fatal building collapse in Philadelphia in June.
| Jul 11, 2013
Lawsuit challenges modular apartment project in New York City
A plan to build pre-fab apartment buildings at Atlantic Yards in Brooklyn, N.Y., has been challenged by a lawsuit filed by the Plumbing Foundation in Manhattan Supreme Court.
| Jul 5, 2013
OSHA to launch program to protect workers from isocyanate exposure
The Occupational Safety and Health Administration (OSHA) has announced a new national emphasis program (NEP) to protect workers from serious health effects caused by occupational exposure to isocyanates.
| Jul 5, 2013
New California building code expected to boost energy demand response technology
The California master building code, set to go into effect on Jan. 1, 2014, includes a few changes that could push automated, open-standards-based demand response into the mass market.
| Jul 5, 2013
USGBC adds several new LEED pilot credits
The U.S. Green Building Council has added several new LEED pilot credits to the LEED Pilot Credit Libraryin the past few months.
| Jul 5, 2013
Spray Foam Coalition supports new professional certification program for applicators
The Spray Foam Coalition (SFC) of the American Chemistry Council announced its support of the Spray Polyurethane Foam Alliance’s (SPFA) new Professional Certification Program for spray foam applicators.
| Jul 5, 2013
Some industry insiders see design-build as easier path to LEED certification
The design-build construction delivery method may have advantages during a LEED certification process.
| Jun 27, 2013
Lease-accounting legislation could hurt construction industry
Regulatory bodies have proposed changes in how leased equipment is treated on a corporate balance sheet.
| Jun 27, 2013
AGC urges Congress, Obama to reject caps on construction workers in immigration legislation
The unemployment rate in the construction sector in May was the lowest it has been in five years, which could signal a coming worker shortage, according to the Associated General Contractors of America.