How is COVID-19 Affecting Lumber and Window Prices
It’s no secret that there were many challenges and changes that came with the arrival of COVID-19, but what might not be as obvious are the challenges that arose from what is known as the trickle down effect.
Many across the nation were told to hunker down and stay at home. Two weeks turned into two months, and now almost a year. For the first time, in decades, people were in their homes around the clock, spending time with their families, cooking and eating in, and deciding that they wanted to renovate.
2020 saw a surge in home renovations such as expansions, remodeling and of course, window and door replacements. Projects that had previously been put off were now at the forefront of to-do lists. While it has definitely been a great boost in business for remodelers, construction workers, homebuilders, installers and designers alike, there is just one huge problem: the lumber shortage.
The Lumber Shortage Trickle Down Effect
To help keep the spread of the virus to a minimum, many lumber mills were shut down or put on lockdown. In turn, many employers were forced to lay workers off. The impact of the shutdowns caused mills to fall behind on the lumber supply, as the demand continues to increase month over month. The shortage of supply also triggered a spike in lumber pricing, as high as triple the price from the beginning of 2020.
According to the National Association of Homebuilders, problems facing the construction industry will linger into 2021 including increased lumber pricing, limited supplies, and a skilled labor deficit.
The spike in lumber costs and shortage of skilled laborers impacts homebuilders, construction workers, window and door replacement companies, and first time home buyers, who are in the market when the cost of building a home may be at an all time high.
Another reason for the price spike? Lumber tariffs. Only time will tell if the new administration will be able to work out a deal with our neighbors in Canada to help bring the cost of lumber down.
What Does The Lumber Shortage Mean If You’re A Homeowner?
- You should act soon. The demand for lumber will only continue to grow as more and more homeowners adjust to the stay at home life. If you’ve been planning on replacing your windows, it’s the perfect time to lock in current pricing with a quote on your new windows or doors.
- You should be prepared to wait. Many homebuilding projects, including replacement window frames and doors, might have an additional few weeks to months added on to project dates before supplies are available.
The experts at Renewal by Andersen can help you plan for your spring renovation project and lock in a great price with our current promotion. Call us today at 608-850-1084 or submit a contact form to talk with one of our design experts to find the best windows and doors for your home.
Reeve, Richard. “Lumber Shortage Due to COVID Causes Price Spike.” KSTP, KSTP, 23 Sept. 2020, kstp.com/minnesota-news/lumber-shortage-due-to-covid-19-causes-price-spike-september-22-2020/5871098/.
Campisi, Natalie. “The U.S. Faces A Housing Shortage. Will 2021 Be A Turning Point?” Forbes, Forbes Magazine, 4 Jan. 2021, www.forbes.com/advisor/mortgages/new-home-construction-forecast/.