Rising costs for raw materials, particularly lumber, and supply chain disruptions are adding to the bottom line. When the pandemic hit, lumber producers feared a repeat of the Great Recession. They cut production and unloaded inventory. But demand soared, catching them by surprise. The price of lumber spiked to $1,500 per thousand feet of board in March, a 400 percent year-over-year increase. The Biden administration’s decision in November to double the tariff on Canadian lumber to 18 percent, up from 9 percent during the Trump administration, also affected prices. Canada has been the largest U.S. trade partner for lumber, providing about 30 percent of U.S. supply.
Homeowners insurance premiums are rising fast
