100 U.S. Reps Ask White House to Intercede on Lumber Shortages

Originally published by: NAHBOctober 21, 2020

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Working in tandem with NAHB, nearly 100 Republican and Democratic lawmakers on Oct. 20 sent a letter to President Trump seeking urgent action on lumber supply shortages that have resulted in unprecedented price spikes in recent months that are threatening the housing industry and economic recovery.

Bunks of lumber on a flatbed truck

“These sharp increases are challenging, especially in light of the ongoing housing affordability crisis,” the congressional letter stated. “The National Association of Home Builders (NAHB) estimates the recent spike in softwood lumber costs has caused the price of an average new single-family home to increase by $16,148 since April 17. The market value of the average new multifamily home has increased by $6,107 over the same period.”

The letter adds that housing can create jobs and boost the economy, but in order to do so, we must address the rising costs of lumber and other building materials. Lawmakers called on the administration to “bring all stakeholders to the table and work to find a solution to address lumber scarcity and subsequent price spikes to ensure everyone’s needs are met.”

This is the latest action by NAHB to urge Congress and the administration to address this urgent issue.

Based on the lumber price trend over the past month, NAHB’s ongoing efforts appear to be showing positive results. Lumber prices are currently roughly $750 per thousand board feet — down nearly 20% from their mid-September peak but still far too high. NAHB will continue working on all fronts to find solutions that will ensure U.S. home builders have access to a stable supply of lumber at reasonable prices to keep housing affordable for hardworking American families.

View the congressional letter to President Trump.

 

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