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Relentless Home-Renovation Boom Sends Lumber Price to Record

  • Lumber futures for March climbed above $1,000 per board feet
  • Top homebuilders urged Biden to help increase lumber supply
    
Photographer: Christinne Muschi/Bloomberg
Updated on

The relentless rise in lumber prices shows no signs of abating as the pandemic keeps people at home, spurring a home-renovation boom.

Lumber futures climbed to a record $1,004.90 per 1,000 board feet Thursday, rising for the eighth session in nine. Prices have climbed about 40% this year, fueling concerns for home builders across the U.S., with the biggest industry group calling on the Biden administration to help boost supply.