Builder confidence and single-family housing starts are breaking records, but the industry is dragging an anchor that could slow the construction industry’s gains.
Rising softwood lumber costs have pushed up the price of an average new single-family home by $16, 148 since April while the average multi-family home jumped by $6,107, according to the National Association of Home Builders. In tandem with the Association, nearly 100 Democratic and Republican lawmakers signed on to an Oct. 20 letter sent to President Trump, Commerce Secretary Wilbur Ross, and U.S. Trade Representative Robert Lighthizer requesting Congress and the administration take urgent action on this issue.
A similar message was sent to the U.S. Lumber Coalition with a request to work together to address shortages in the lumber supply chain caused in part to the COVID-19 pandemic.
• At the end of August, NAHB Senior Officers held talks with members of the White House National Economic Council to discuss the impact that soaring lumber prices are having on the housing industry and to press for immediate action.
• At the end of September, the NAHB leadership reiterated strong concerns regarding the lumber supply situation in a virtual meeting with Commerce Secretary Ross.
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