Money Smart: Soaring lumber prices affecting new home buyers, renovations
If you’re thinking about building or fixing a home, be prepared to pay more. The pandemic has affected demand for lumber and prices have soared to all-time highs.
Author: Sharon Ko
Updated: 7:49 PM CDT May 4, 2021
SAN ANTONIO — If you’re thinking about building, renovating or repairing your home, be prepared for higher costs. The coronavirus pandemic has affected demand for lumber and prices have soared to all-time highs.
The coronavirus pandemic impacted just about every industry including sawmills. During the shutdown, lumber companies reduced production due to low demand. When the economy reopened, they couldn’t get back to the same level of production. According to Random Lengths, a wood products company that tracks data, lumber prices are up 340% compared to a year ago.