Lumber prices have been especially volatile in the wake of the COVID-19 pandemic due to increased demand and supply-side constraints. The unprecedented spikes in lumber prices have added nearly $36,000 to the average price of a new single-family home, and nearly $13,000 to the price of a multifamily home since April 2020. Although the housing sector continues to be a leader in the nation’s economic recovery, these sharp price increases threaten housing affordability for all Americans.

The escalating lumber prices are largely due to insufficient domestic production and extremely large lumber mill curtailments that lasted well into the 2020 building season. NAHB has reached out extensively to the Biden administration and other government officials calling for prompt action. During a recent House Appropriations subcommittee hearing, Commerce Secretary Gina Raimondo acknowledged the issues surrounding lumber and promised to take action.