ATB Economics | May 10, 2021

Lumber Prices Setting Records

The surge in lumber prices over the last year has been stunning with North American benchmark prices setting new records each week. Chicago lumber futures, for example, started 2020 at just over US$400 per thousand board feet but hit the 1,700 mark at one point on Friday.

With COVID-related restrictions in the U.S. easing and the spring construction season underway, the demand for lumber south of the border has increased.

At the same time, the Canadian residential construction industry is expected to do well this spring and summer. Data…