If you have a pulse on the latest news updates, you’re likely already well aware of the lumber shortage. Whether staying at home inspired home improvement projects or you’ve mostly been listening to friends and family complain about their lumber woes, one thing is true: the cost of lumber is sky-high right now.
What Is the Current Cost of Lumber?
In May 2021, lumber prices soared to a record-breaking $1,686 per thousand feet. Last year around this time, the price of the same amount of lumber was $333 — that’s a 406% increase. The high cost of lumber hasn’t just affected raw material costs either. According to the National Association of Home Builders and North Carolina State University’s College of Natural Resources, the average price of a new construction home has risen over $36,000 in response to the shortage.
What Caused the Shortage of Lumber?
A lot of the factors that led to the current shortage can be tied to the COVID-19 pandemic. The pandemic’s beginning lowered the demand for lumber, and mills began to keep lower inventories for some time. Still, by the spring and summer of 2020, many people were itching to buy homes or start their long-put-off home improvement projects.
Lumber mills struggled to keep up with the increased demand due to lingering effects of the Great Recession, which has led to longer production times, and transport has also become an issue. The pandemic drastically decreased the number of employees, drivers, and facilitators of railroad transportation.
Is There an End in Sight?
As the industry continues to recover from the aftermath of the COVID-19 pandemic, the cost of lumber should stabilize. You can expect lumber mills to grow their production capabilities to pre-pandemic levels and transportation issues to be resolved. With patience, homeowners can expect to complete their future projects with less stress than the current market allows.
Partner With Everlasting Fence for Your Fencing Projects
Don’t get discouraged by the current state of the lumber supply chain! At Everlasting Fence, our personnel and leadership are working tirelessly to provide our valued customers with the high-quality services they have come to expect from us. We are working to establish new relationships with suppliers and brainstorm new solutions to delays and setbacks so that you can have the fence of your dreams.
Are you interested in discussing custom wood fencing and other fencing materials, including PVC and aluminum fencing? Our team would love to connect you with resources and provide a free estimate today!