Lumber Futures Extend Record Rally to Top $1,500 for First Time
- Surge in home building, renovation, causes lumber shortage
- Rallying lumber lifts U.S. home price by nearly $36,000: NAHB
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U.S. lumber futures extended their steep rally to fresh record highs, shooting above $1,500 as sawmills try to keep up with surging demand.
The extended rally comes as voracious home construction demand sends builders scrambling to secure the wood they need, while lumber producers struggle to bulk up their inventories and labor shortages from truckers to construction workers exacerbate the situation.