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December 14, 2020

Lumber prices in US rise amidst increased construction spending

Lumber prices in US rise amidst increased construction spending

Lumber prices are at their highest level since September 2020, and after ending October with a slump, random length lumber futures have risen by about 23.44% and are trading at $649. A weaker US dollar and increased construction activity have catalyzed the recovery.

Construction spending in the USA on the rise

The US Department of Commerce announced on December 1 that construction spending in the country had increased by 1.3% in October. Analysts had predicted an increase of 0.8%. The increases followed the downward correction in September to a decline of 0.5%.

The construction of single-family homes largely contributed to the gains in October. For months now, the shortage of new single-family homes has been driving builders to step up such projects. As a result, the construction of these houses rose by 5.6% in October. This was one of the factors that enabled the 2.9% increase in private housing construction.

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