Lumber Drops to Nine-Month Low, Extending Retreat From Record
Post date
August 13, 2021
Body
Marcy Nicholson, Bloomberg
Lumber futures slid to the lowest in more than nine months after sawmills ramped up production and demand from builders stabilized. Prices have dropped more than 70% from the record high reached just three months ago.
The tumble marks a stark turnaround for the common building material after strong U.S. construction demand during the pandemic spurred a surge in orders for lumber, causing prices to more than quadruple to their May peak and fueling inflation concerns. Sawmills have since increased output, and a shortage of other building supplies such as siding and windows has slowed the pace of construction