U.S. commercial and residential builders breathed a sigh of relief last month when softwood lumber prices dropped more than 30% after reaching an all-time high in May.
Although prices still remain elevated, they have come down to a more manageable level, experts told Construction Dive.
These fluctuations in the price of lumber are related to the supply chain, said Daniel Pomfrett, vice president at Cumming Management Group, a project and cost management firm. Now that lumber prices have started to decline, Pomfrett said contractors should not expect the upward spikes that characterized earlier pandemic stages.
