Lumber price history up until May 15, 2023

The price of lumber in the United States has seen both a dramatic overall rise, and large amounts of volatility since the middle of 2019. From its low in early April 2020 to its peak in May 2021, the price per 1,000 board feet of lumber increased almost 530 percent, reaching 1,630 U.S. dollars. Yet, less than a week of reaching this peak the price then fell by nearly a quarter, further sinking to 454.40 U.S. dollars as of September 15, 2021 before rising again to reach over 1,000 U.S. dollars since the beginning of 2022. Since then, the price per 1,000 board feet of lumber decreased steadily to 344 U.S. dollars as of May 15, 2023. These movements have been attributed to both supply and demand factors: supply-side, in that a combination of tariffs increases, labor shortages (owing to the coronavirus (COVID-19) pandemic), and lumber mill closures (owing to the price volatility) reduced the availability of timer in the United States; and demand-side, in that the lockdown increased savings rates, which in turn increased demand for both new housing, and renovations of existing housing.