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Another Drastic Increase in Lumber Prices Predicted

FILE - In this June 24, 2021 file photo, lumber is piled at a housing construction site in Middleton, Mass. Wood prices have skyrocketed over the last year, leaving would-be home renovators deciding whether to wait out the high costs or move forward on a project that’s more expensive than it would have been a year ago. (AP Photo/Elise Amendola)

High lumber prices are predicted for the foreseeable future according to experts in the lumber industry. The current price of $1,024 per board food is predicted to rise as high as $1,597 per board food in 2022, with prices tripled by 2025.

Heavy rains, flooding, and wildfires in areas where lumber originates contributes to the drastic increase in prices. Labor shortages at sawmills, transportation costs and trucking industry disruptions have helped to push the prices up even higher.

Lumber prices came down in May and June from earlier record highs. However by September they had started to tick back up. Experts predict lumber prices could be far higher this coming spring and summer. Lumber futures on the Chicago Mercantile Exchange are about $200 per thousand board feet for March and May, 2022, 30%  higher than December prices.

Consumers are urged to pre-buy lumber in bulk for long-term projects. Alternative materials such as engineered wood, recycled wood or metal may become viable options for consumers.

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