Lumber Prices Surge 253% Year-Over-Year

Lumber prices hit a record-high of nearly $1,200 per thousand board feet April 13, a surge of more than 253% compared with April 2020, Markets Insider reports.

A huge demand mixed with pandemic-induced shortages have caused lumber prices to reach unprecedented heights over the past year. Since April 2020, increasing lumber prices have tacked on more than $24,000 to the cost of a new single family home, according to the National Association of Home Builders.

Shares of timber companies have subsequently jumped, with Canfor reporting a stock increase of 107% and West Fraser Timber and Weyerhaeuser shares increasing approximately 80% and 30%, respectively, according to Markets Insider.