Building Material Prices Increase in November, Led by Lumber
Among lumber and wood products, commodities with highest importance to new residential construction were general millwork, prefabricated structural members, softwood veneer/plywood, softwood lumber and hardwood veneer/plywood. Highest year-over-year percent change (across all input goods) in November was softwood lumber, at 13.7% higher than November 2023. This is of particular note because no other top wood commodities had a year-over-year change above 3% in November. Lumber supplies have been driving prices higher over this past month as sawmill industry continues to adjust to mill closures occurring earlier this year. Higher lumber demand as residential construction rebounds due to lower interest rates is likely to continue to increase lumber prices.
In anticipation of this, as well as 25% import tariffs on Canadian products proposed by President-elect Trump, Hansen Pole Buildings invested in hundreds of thousands of board feet of lumber prior to prices spiking. Traditionally, January brings with it higher lumber prices as yards bring in stock to cover Spring building starts, creating shortages. It is all about supply and demand.
Planning on building in 2025? Now is your window of opportunity to take advantage of our huge inventory and lock in low prices and America’s strongest post frame building from Hansen Pole Buildings.
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