Why Is Lumber So Expensive 2021 (April) Answered Here! >> This article gives you details about the continually increasing price of lumber. Please check the information now.
Have you taken a look at the price of lumber? If you haven’t taken a look at it for some time, then prepare to be shocked. The price of lumber is soaring, and it recently reached an all-time high. Users are curious to know about this price increment and have made Why Is Lumber So Expensive 2021 trending as a result.
Please keep reading this article if you want to know about the reasons behind the massive increment in lumber prices.
We will provide several related facts and statistics along with some other information. This query is gaining some popularity in the United States and Canada.
What is Lumber?
Lumber is a type of wood that has immense use in structure and other industrial purposes. It’s used to make planks, beams, etc. It’s widely used because of its durability and lasting performance under suitable conditions.
It plays a crucial part in building homes and other structures. The increasing price of lumber is proving to be troublesome for people in the US.
Why Is Lumber So Expensive 2021?
- The current spike in price is the result of events dating back to 2019.
- In 2019, the suppliers and factories reduced output or shut down due to the low demand and the poor weather conditions.
- Interest rates were reduced in 2020, which led to an increment in the demand for lumber as people were building homes.
- Then, the Coronavirus hit the globe and severely affected many countries, including the US.
- During the pandemic, people were asked to stay at their homes, leading to another increment in lumber demand.
- Why Is Lumber So Expensive 2021? To make the matters worse, a plague also destroyed many trees, which further restricted the output.
- Due to the limited supply and vast demand for lumber, its price has skyrocketed.
- The price is increasing every day, and there’s no stopping in sight.
- People have urged the governmental authorities to respond to this issue, and many letters have been sent for the same.
- However, there’s been no effect of it as the prices are still rising.
Some Statistics about this Increasing Cost
- A source reveals that the price of lumber recently reached $1200 per thousand board feet.
- Why Is Lumber So Expensive 2021? We have mentioned it above.
- Facts reveal that there’s been an increment of over 250% in lumber’s price in one year alone.
- The sale of new homes has also gone down due to the increasing lumber prices.
- The increasing lumber price is costing a lot of additional money to families in the US.
- However, the price increment proved to be beneficial for timber companies as their share prices have increased.
The price of lumber is increasing at a rapid pace and is expected to increase even further. Why Is Lumber So Expensive 2021? It’s because of several factors, as we have mentioned above.
What do you have to say about the increasing prices of lumber? Let us know how it’s affecting you in the comments section below.