Data from the National Association of Homebuilders (NAHB) shows that lumber prices are currently 300% higher than they were in April 2020.
TOLEDO, Ohio – Johnny Cappalletty is one of many home builders who are hard hit by the timber shortage across the country. While he was busy with remodeling projects, the costs of doing so rise rapidly.
“We have a lot of work to do,” he said. “The biggest problem is, can you get the materials for it?”
RELATED: Don’t expect these record-high lumber prices to fall anytime soon
Data from the National Association of Homebuilders (NAHB) shows that lumber prices are now 300 percent higher than they were in April 2020. According to NAHB, the cost of a newly built single-family home has increased by nearly $ 36,000 in the past year.
“An 8-foot 4 by 4 is usually 6 to 8 dollars where they are now 16 to 24, if you can even get them,” Cappalletty said.
Toledo-based Cappalletty says the people who were home during the shutdown inspired many remodeling projects and made some people all get up and move together. Additionally, the mills didn’t produce as much material last spring due to home orders.
RELATED: REVIEW: Is President Biden Responsible For The Rise In Lumber Prices?
And now, construction prices can be risky for both remodeling companies and consumers.
“Some of those estimates that we made, particularly this project that we are working on, we gave in about six to seven months ago,” said Cappalletty. “Things have changed now.”
It is currently unclear when lumber prices might fall, but consumers should be prepared for higher prices for now, especially until production can catch up with demand.