Lumber Prices are Up! 📈 How is this affecting your business?

[Justin Goodin]

➡️ On Friday, the price of lumber per thousand board feet jumped to $1,048, according to Random Lengths.

That price jump is unlikely to be the last. On Monday, the May futures contract price per thousand board feet of two-by-fours jumped $32 to $1,158.

“It’s clearly a short squeeze. In futures and spot markets. Lumberyards are overcommitted on their sales, and there isn’t enough wood to cover,” Dean told Fortune.This is a clear signal, he says, that prices will go up more in the short term

📌Those who are in multifamily development, how is this affecting your business?

📌Are these costs ultimately being passed down to the tenant or home buyer?

I have a huge interest in multifamily development. With how inflated prices are now, it makes a lot of sense to just build a quality product from the ground up.

For those who are multifamily developers, how is this affecting your business/strategy? Any thoughts?

Check out the full article HERE

[Chris Blackburn]

For our current project, our lumber package went from $300,000 to $600,000+  Did not meet our 4% increase we have in our model. :(   The show must go on!  We are currently on the second floor of one of the buildings!  Ahead of the schedule with our contingency punched in the nose.