The pandemic has caused many different effects that honestly could not have been predicted. One of the more unique ones is the skyrocketing price of lumber in America. Recently the cost of lumber has hit a high that it has not been at since the summer of 2018. There are many factors that have caused this, but many believe that a big part of the spike was caused by the number of construction jobs around the country.
How DIY Decking & Contracting Impacted Lumber Prices
Extended time at home due to stay at home orders, led many homeowners to consider long put-off home improvement projects. However, due to the pandemic, it wasn’t possible to hire interior contractors unless absolutely vital. This didn’t stop many homeowners and contractors to shift their attention towards outdoor projects like decking. This is compacted with the fact that decking is always a popular project during spring/summer. Whether homeowners were looking to fix their deck, build a new deck, replace an existing deck, or even expand their deck, they had the resources, time, and help they needed. Contractors that specialized in working with homes and offices highly pursued decking projects to make up for lost revenue on interior construction projects. Meanwhile, many homeowners tried their hands at DIY home improvement. With the increase in decking projects, the demand for lumber increased exponentially as the pandemic and stay at home orders continued.
Decreases In Lumber Supply
Additionally, aside from the meteoric rise of lumber demand in America, lumber supply started to dwindle. Many lumber mills were shut down at the beginning of the pandemic, as well as distribution companies and warehouses. These combined reasons led to an immediate shortage of lumber in America that when combined with the increased demand has created a surged in prices for lumber. With the increased costs of lumber, it is likely that contractors and other professionals services that rely on wood products will raise prices due to material cost.
Other Decking Materials
For homeowners that are now looking into construction or repairs for their property, it may be wise to consider other materials. The increase in lumber prices may have an effect on wood siding and wooden decking in your area, conversely, other materials like composite board or vinyl siding have not seen as high of a surge in prices. These are important factors to consider when planning a design project in your home. It is also likely that as we reach the end of the summer lumber prices will decrease as supply catches up to demand.
Contact Novus Exteriors For Decking Quotes
If you have an exterior contracting project and you want to know how much it may cost or if the cost will be affected by recent changes in material costs, please contact us. We would be happy to discuss your project and provide you a quote.