Investing
Lumber’s Unusual Price Surge Inspires TikTok Videos and Sticker Shock
With demand for wood skyrocketing, more than $24,000 has been added to the cost of the average new U.S. house.
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It started with toilet paper and bleach wipes. Then came price surges in Bitcoin, silver and even puppies at one point. Now many are being confounded by a spike in a commodity few ever really think about: wood.
Lumber prices have tripled since June 2020, soaring to more than $1,300 per 1,000 board feet. This has meant some serious sticker shock for many who were planning home-improvement projects this spring and summer.