Building Material Costs Climb to Record Highs

The best time to check to make sure your home insurance company is insuring your home to the correct value is upon the renewal. This past year's pandemic has increased costs of materials by 300%. The following article (linked below) will give you more information.

Lumber prices have had their most volatile year in history, thanks to supply-side constraints that limited production and unexpectedly high levels of homebuilding activity. Softwood lumber prices increased more than 300 percent since April 2020. According to the PPI, softwood lumber prices jumped 6.5 percent from March 2021 to April 2021. That marked the third month in a row in which the month-over-month increase in lumber prices was a record high. As Rep. Ben Cline (R-Va.) noted, “The National Association of Home Builders says overall lumber prices have tripled and the increase translates into a nearly $36,000 increase in the price of the average single-family home.” He added the cost of oriented strand board (OSB) has jumped more than 250 percent since March 2020, rising from $8 a sheet to more than $60. 

From the following article:

https://www.familyhandyman.com/article/building-material-costs-climb-to-record-highs/?_cmp=HandymanPro&_ebid=HandymanPro612021&_mid=419258&ehid=0FF43170371E80D6DBDE65963D2543573EE93147