Lumber Prices Soar With War in Ukraine 

Gray Frame Corner
Gray Frame Corner

How to Keep Construction Costs Down

Russia is a significant exporter of lumber products globally. They are accounting for 21% of global sawn wood exports in 2020.

The Rise in Lumber Prices Has Multiple Causes

Because it is such a prominent exporter, sanctions imposed on Russia will impact the market for lumber worldwide even if Russian imports do not constitute a large proportion of our direct imports.

On November 24th of 2021, the US Government imposed an increased tariff on imports from Canada. The tariff increased from 8.99% to 17.99%.

Since tariffs usually have an impact on the importer, this amounts to a 9% increase in lumber prices imposed by the US Government on lumber imported from Canada.

When Will Volatility Settle Down?

There is no end in sight for the lumber price volatility in the short term. However, with the war in Russia going on, spring coming, and supply chains in Canada slowly restoring, equilibrium could take a while.

The best time to think about what options you have to keep costs under control is when you are designing and planning your home.

Methods to Reduce Costs Amidst High Lumber Pricing