With the recent increases in the price of many residential construction materials, and in particular softwood lumber, the National Association of Home Builders asked remodelers in its Q3 2020 Remodeling Market Index, to report on material shortages, if any, as well as material price changes over the last six months.
Results showed that a 77% share of remodelers report a framing lumber shortage, with 25% reporting a serious shortage and 52% reporting some shortage. In recent months the cost of softwood lumber has jumped to extraordinary levels. The Producer Price Index (PPI) for softwood lumber has nearly doubled over the last five months to a 90.9% increase. NAHB says this is the largest jump since 1975 for the seasonally adjusted series. This price increase has undoubtedly impacted lumber’s availability for remodeling projects and for home construction, in general.
See more at NAHB’s Eye on Housing Blog.