Prices paid for goods used in residential construction rose 1.7% in April and have increased by 12.4% over the past 12 months, according to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics. Prices paid for softwood lumber increased 6.5% in April, setting a record high for the third consecutive month, according to the National Association of Home Builders (NAHB). Lumber prices have increased 52.0% since November 2020. The NAHB said, in addition to nominal price movements and tariffs on Canadian lumber, cross-border purchasers have been affected by the strength of the U.S. dollar relative to the Canadian dollar. The USD has depreciated 5.0% year-to-date and 13.1% over the past 12 months.
NAHB: Softwood Lumber Prices Continue to Rise in April
Softwood lumber prices have increased 121.1% on a year-over-year basis.
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