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Lumber shortage leads to soaring construction prices
Lumber shortage leads to soaring construction prices By Meghan Grey | May 3, 2021 at 4:14 PM CDT - Updated May 3 at 6:44 PM
NORTH MANKATO, Minn. (KEYC) - Lumber prices have skyrocketed amid the COVID-19 pandemic due to increased demand and supply restraints.
Korey Ness, Store Manager at Lloyd Lumber, said, “Certain things have been hard to acquire. Prices are definitely up, but activity, business around the store.. we’re busy.”
According to the National Association of Home Builders, increases in lumber prices have added nearly $36,000 to the average price of a new single-family home, and nearly $13,000 to the price of a multifamily home since April of last year.