Lumber futures, which had just begun to show signs of stabilizing, spiked 19% last week as a result of wildfires that have begun to sweep across British Columbia, a prominent source of lumber for North America, Fortune reported.
British Columbia declared a state of emergency July 21 due to the fires. As of July 20, there were 299 wildfires burning in the province, with 40 evacuation orders. The state of emergency is in effect for two weeks from the time it was issued.
Lumber prices were still more than 62% below their record-high peak in May, Markets Insider reported.
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