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
Codes and Standards | Jan 26, 2021
Updated guide to repair and rehabilitate existing concrete structures published
Document assesses how to adhere to code requirements.
Codes and Standards | Jan 25, 2021
New guide for skylight selection, daylighting design released
Free Fenestration and Glazing Industry Alliance document now available.
Codes and Standards | Jan 21, 2021
California considers statewide ban on natural gas heat, hot water in new homes
Code update would take effect in 2023.
Codes and Standards | Jan 20, 2021
Steel industry, labor urge Biden to retain steel tariffs
‘Essential to ensuring the viability of the domestic steel industry.’
Codes and Standards | Jan 19, 2021
2021 Solar Investment Tax Credit will remain at 26%
Incentive was scheduled to be reduced to 22%.
Codes and Standards | Jan 19, 2021
Thomas Jefferson University launches the Institute for Smart and Healthy Cities
Will address climate change, social equity, rapid urbanization, and health.
Codes and Standards | Jan 14, 2021
Petition urges FEMA to update flood maps, set tougher standards for floodplain construction
Environmental and planning groups note soaring claims, flood insurance debt.
Codes and Standards | Jan 13, 2021
Proposed change to IECC process irks efficiency advocates
New procedure would diminish influence of local code officials.
Codes and Standards | Jan 12, 2021
Two net-zero hotel projects could portend a new hospitality trend
Energy-intensive sector comprises 10% of all commercial real estate.
Codes and Standards | Jan 11, 2021
Zero Energy Buildings growth driven by government policy, stringent codes, technologies
Restraints include high upfront cost, and lack of universal definition and approaches.
