With builders continuing to grapple with lumber price swings and building material supply chain disruptions, NAHB sent a letter to President Biden on Oct. 6 urging the White House to take the following actions:
- Redouble its efforts to address lumber price volatility, which has seen cash prices climb by more than 25% over the past month;
- Address supply chain bottlenecks for lumber and other building materials and supplies that are causing significant delays and keeping home prices about 20% higher than they were a year ago; and
- Return to the negotiating table with Canada and develop a new softwood lumber agreement that will end tariffs on lumber shipments into the United States.
NAHB’s letter stated that these are “three key issues that continue to trouble our members, each extremely problematic but when combined, will severely hamper the ability to provide affordable housing and provide jobs to strengthen the economy.”
Since the early days of the Biden administration, NAHB has been actively engaged with the White House on these issues. We held several meetings with top administration officials, Commerce Secretary Gina Raimondo and HUD Secretary Marcia Fudge and this ongoing dialogue culminated with a White House building materials summit this summer that was organized by NAHB.
And while lumber prices have fallen sharply since peaking in mid-May, prices have been moving upward over the past month. This is why NAHB continues to urge the administration to make it an important priority to address lumber and building material supply chain issues that are contributing to price volatility and harming housing affordability.