Prices paid for goods used in residential construction have increased 7.7% from February 2020 to February 2021, according to the latest Producer Price Index (PPI) from the Bureau of Labor Statistics. A post on the National Association of Home Builders’ (NAHB) Eye on Housing blog reports the prices paid for softwood lumber rose 5.3% during February, surpassing September 2020 levels to reach a new record high. In addition to volatile lumber prices, steel mill product prices increased nearly 12% to a level “not seen since the months following the imposition of tariffs on steel in 2018,” according to the NAHB.
Softwood Lumber Prices Reach Record High in February 2020
In addition to lumber prices, steel mill product prices spiked significantly during February, according to the latest PPI.
