Analysts say the price of lumber is skyrocketing
BIRMINGHAM, Ala. (WBRC) - New data shows the price of building materials is skyrocketing. A recent report shows the price of lumber is up by more than 170%.
Contractors and remodeling companies have had their hands full in recent weeks with a string of tornados destroying communities throughout the state, and also COVID keeping people indoors, spurring them to redecorate their homes.
But doing this is costly, and one local remodeler said he believes the prices will climb higher before they level off.
Mark Vincent is the owner of Vincent Remodeling out of Trussville, Alabama. He said it’s been tough getting certain building materials lately.
“We’re running into issues with the COVID hitting, the tornados hitting. Windows are getting harder to get from a manufacturer, so our dealers here have a hard time getting them to us when we request them,” Vincent said.
He said the cost of lumber is also going up. Analysts said the price of lumber per thousand board feet is at more than $1,000. They said the pre-pandemic price was just over $380. That’s an increase of 171%.
“We’re all hoping…the builders, the remodelers, are all hoping that once this COVID is brought under control that prices will level off…come down we would hope, but may not. Today’s normal may be the new norm versus yesterday,” Vincent said.
Analysts said wood production is ramping up but it’s only enough to bring us back to pre-COVID levels.
That means those looking to rebuild and repair may have to wait a bit longer and will most likely be paying more.
“Be prepared for your lumber to go up a couple of percentages per day actually. Windows, go ahead and get those ordered as soon as possible because they’re every bit of 8 to 9 weeks out, depending on what you want to get,” Vincent recommended.
Vincent said if you’re planning to rebuild soon, he recommended getting your plans together now. He said go ahead and order your lumber now, so you can lock in the price before it gets any higher.
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