Lumber Prices Are Through the Roof, Punishing Apartment Builders

[Tariq Hakeem]

The soaring lumber costs that have slowed construction of single-family homes are starting to pinch apartment-building developers too. While many multifamily buildings are made of steel, glass and concrete, wood is also a major component, especially in low- and mid-rise buildings. Wood is also used extensively for floors, cabinets and other fixtures.