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U.S. lumber prices fell by over 60% due to a slowdown in construction
Posted on September 30, 2022 |
- Lumber prices dropped by over 60% year to date, which is the lowest in more than 2 years.
- Lumber futures reached $429.30 per 1,000 board feet, down 75% from their peak in March.
- The construction of new U.S. housing fell by 13% from April when residential construction activity was at its highest level in more than a decade.
- The lumber sector is preparing for recession as lumber consumption is to decline by 2.5% in 2022 and up to 4.5% in 2023 because home construction stalls and remodeling demand will regress to a normal pre-pandemic level.