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
| Jan 30, 2012
New firm-fixed-price rules on federal contracts impact construction industry
Contractors will need to be on the lookout for policies such as the Contractor Accountability for Quality clause.
| Jan 30, 2012
Roofer’s fatal plunge demonstrates need for fall-prevention regulations
“The biggest problem is getting our workers to use the equipment,” says Michael J. Florio, executive director of the organization.
| Jan 26, 2012
Tampa moves to streamlined online permitting system
The system will replace an inefficient patchwork of old software and is designed to provide businesses, homeowners, and contractors with online access to permitting and licensing information.
| Jan 26, 2012
EPA to collect more data, seek comments before finalizing mud rule
The EPA says it will seek more data and is accepting comments until March 5.
| Jan 26, 2012
Industry challenges Connecticut's suit over defective construction work
The dispute arose over multimillion-dollar leaks at the University of Connecticut's law library.
| Jan 26, 2012
Earthquake 'fuse' could save buildings during temblors
The idea is to use an earthquake "fuse" that can prevent the tiny fractures and warps that make structures unsafe after a quake and very expensive to repair.
| Jan 26, 2012
HPD open materials standard for green building materials gains momentum
GreenWizard, provider of a cloud-based product management and project collaboration software, is the latest industry participant to sign on
| Jan 26, 2012
Siemens launches smoke detection knowledge center
New knowledge center web site demonstrates efficacy of smoke detection.
| Jan 18, 2012
Chile's seismic code upgrades credited with saving lives in 2010 quake
Since 1960, when Chile suffered a 9.5 magnitude quake, the largest ever recorded; the country has steadily improved building codes to protect lives and property.
| Jan 18, 2012
Report analyzes residential hurricane codes in 18 states
The Insurance Institute for Business & Home Safety (IBHS) released a new report analyzing residential building codes in 18 hurricane-prone coastal states along the Gulf of Mexico and the Atlantic Coast.
