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 | Nov 16, 2020
New concrete detailing manual includes downloadable CAD files
American Concrete Institute document contains guidance on codes for structural concrete.
Codes and Standards | Nov 12, 2020
California rent control measure defeated
Golden State voters reject Proposition 21.
Codes and Standards | Nov 11, 2020
NY court ruling makes it easier for condo boards to sue investors for construction defects
Investors would be tapped for damages on such cases.
Codes and Standards | Nov 10, 2020
Researchers and industry leaders will form national institute for AI in construction
Goal is to identify high-impact areas for application in design and construction.
Codes and Standards | Nov 6, 2020
Jobsite injuries in New York City decline 20% since 2017
Safety training cited as a cause of improvement.
Codes and Standards | Nov 4, 2020
Commercial building owners having tougher time securing insurance policies and renewals
Insurers’ fears of civil unrest in wake of election prompt builder’s risk coverage moratoriums.
Codes and Standards | Nov 4, 2020
Turn rooftops into revenue generators with solar arrays
Lease or ownership models for PVs make more sense than ever.
Codes and Standards | Nov 3, 2020
The argument against gas stoves includes degraded indoor air quality
Asthma seems to be aggravated by cooking with flame.
Codes and Standards | Nov 2, 2020
Wildfires can make drinking water toxic
Updated building codes could mitigate the danger.
Adaptive Reuse | Oct 26, 2020
Mall property redevelopments could result in dramatic property value drops
Retail conversions to fulfillment centers, apartments, schools, or medical offices could cut values 60% to 90%.