Lumber prices hit an eight-month high of $1,271 per 100 board feet on February 18, which was slightly lower than the all-time $1,515 high hit last year May. This can be attributed to exacerbated global supply chain disruptions following Russia’s invasion of Ukraine. The Canadian truckers strike, labor shortages, and harsh weather conditions have also contributed to the lumber shortage. Lumber prices surged nearly 30% in the first two weeks of February.
Strong demand for lumber due to robust housing demand bodes well for the industry. And spending from the Biden administration’s $1.2 trillion bi-partisan infrastructure bill is expected to boost demand in the coming months.
