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August 17, 2020

Skyrocketing lumber prices threaten the US economy

Skyrocketing lumber prices threaten the US economy
As the US fights to rebound from the effects of the COVID-19 pandemic, housing — the one bright spot for the U.S. economy, particularly single-family construction — is facing a formidable challenge.    Since mid-April, the price of lumber has increased more than 80%, reaching record highs in late July. At the same time, prices for oriented strand board, a widely used engineered wood, have increased 138% over the past year. The increases, a result of lumber shortages, threaten housing affordability at a time when home prices are already at all-time highs.   ...

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