Lumber prices reach 2.5-year high as U.S. housing starts fuel demand and supply tightens

Lumber futures surged past $660 per thousand board feet in March, reaching a two-and-a-half-year high amid supply constraints, trade concerns, and resilient demand. U.S. housing starts unexpectedly jumped  in February, bolstering demand for construction materials. On Wednesday, the US Census Bureau reported that privately‐owned housing starts in February were at a seasonally adjusted annual rate (SAAR) of 1,501,000. This is 11.2% above the revised January estimate of 1,350,000 but 2.9% below the February 2024 rate of 1,546,000. Single-family housing starts were at a rate ...