Will Lumber Pricing return to Pre-covid levels?

Should I wait for material costs to return to pre-covid levels? 

Most of us remember how surprisingly lumber and other material prices skyrocketed in late 2020. The supply lines were disrupted, production in mills and plants were delayed and there were shut downs due to covid. 

  During this time, we saw lumber prices triple and availability diminish. In spite of that 2021 was one of the busiest years for the construction industry ever. 

  As we move into 2022 prices have receded, but are still higher than before covid. I have many clients ask me if they should wait until prices get back to “normal” and my response is always … No. 

  Normal is relative in relation to prices, we were all paying those ultra-high prices last year, why would the lumber yards return to costs from days gone by? Like gasoline, we need it and have proven over and over again that we will pay a premium for it. The same applies to lumber, it has always been a tightly priced industry and now they have seen that they can earn a bit more for the work they do and we, the consumer. will pay for it. The prices have come down fairly dramatically, but I do not see them returning to pre-covid rates unless we have an economic challenge and right now that does not seem likely soon. 

   My advice is if you are planning a project, no time like the present. So many things can affect the costs and ability to do a project that if you are in a position to build that deck, finish that basement, remodel your kitchen, now is the time. Continue to plan on delays from cabinets suppliers and window manufacturers, some plumbing and lighting fixtures have been hard to find as well. If a spring project is in your sights, it is time to make plans! 

Good Luck!