Updated: 5:42 PM EDT Mar 31, 2021
Hide Transcript
Show Transcript
HOME RENOVATION PROJECTS. WE HAVE THIS REPORT. MARY: THIS ISSUE STARTED AS COVID SET AND BECAUSE MANY LUMBER MILLS CLOSED, ASSUMING DEMAND WOULD DROP OFF. THE OPPOSITE HAPPENED. IF YOU’RE BUILDING A HOUSE OR YOU’RE PLANNING A HOME IMPROVEMENT PROJECT, BRACE YOURSELF FOR STICKER SHOCK. THE PRICE OF LUMBER IS THREE TIMES WHAT IT WAS PRE-PANDEMIC. >> A SHEET OF PLYWOOD IS NOW OVER $50. IT USED TO BE $19. MARY: NATIONAL LUMBER IS THE LARGEST INDEPENDENT FAMILY-OWNED LUMBERYARD IN NEW ENGLAND. EVEN GREG ASSARIAN ADMITS THE JUMP IN PRICE OF RAW MATERIALS IS JAW-DROPPIN -- JAW-DROPPING. >> A SINGLE-FAMILY HOME, YOU ARE ADDING $30,000 TO THE PRICE OF THE BUILD. MARY CONTRACTORS TELL US THEY : HAVE TO PASS THAT PRICE HIKE ON TO THE CUSTOMER. >> NOTHING CAN BE DONE ABOUT IT. >> ARE PEOPLE BUILDING ANYWAY? >> YES. MARY DAVID FONSECCA SAYS HIS : BOSS HAS HAD TO BREAK THE BAD NEWS TO MORE THAN ONE CLIENT. >> FOR EXAMPLE, THE PRICE WAS 50,000, SO NOW $75,000, SO HE’S TRYING TO CONVINCE THE OWNER TO WAIT A LITTLE BIT MORE. MARY BUT IT’S NOT JUST WOOD : THAT’S IN SHORT SUPPLY. >> MAJOR COMPANIES WITH DIFFERENT PRODUCTS, ALL OF THEM ARE HAVING SUPPLY ISSUES. MARY: A HOST OF FACTORS IS TO BLAME, EVERYTHING FROM TARIFFS TO WEATHER, TO TRANSPORTATION BREAKDOWNS AT EVERY LEVE SO SHOULD YOU WAIT IT OUT? THAT IS A GAMBLE. INDUSTRY INSIDERS SAY DON’T EXPECT TO SEE PRE-C