US lumber market sees significant price drop and impact on sectors

The US lumber market has recently experienced a significant drop, affecting key sectors like construction and manufacturing. This shift in prices has been quite dramatic, as data from Trading Economics shows. In October 2022, the cost of 1,000 board feet of lumber reached over $640, but by September 21, 2023, it had plummeted to $478. Many experts attribute this price decline to an increase in supply. Manufacturers responded to the fluctuating demand caused by the pandemic by ramping up production, resulting in a surplus of lumber. In response, some manufacturers chose to lower prices in a bid ...