SOFTWOOD LUMBER PRICES SURGE 29% IN SEPTEMBER
September is the fourth consecutive month of double-digit growth in softwood lumber prices, according to the Bureau of Labor Statistics’ Producer Price Index.
Softwood lumber prices increased 28.6% on a seasonally adjusted basis in September, according to the Bureau of Labor Statistics’ Producer Price Index (PPI). The September growth represents the fourth consecutive double-digit percentage increase on a month-over-month basis, according to the National Association of Home Builders’ (NAHB) Eye on Housing blog. Over the last five months, the PPI for softwood lumber has increased 90.9% and lumber prices have added more than $17,000 to the price of an average new single-family home since mid-April.
Prices paid for goods used in residential construction increased 1.8% in September and is up 4.4% year-to-date.