Softwood Lumber Prices Again Reach Record High in March

The softwood lumber Producer Price Index has risen 42.6% since November 2020.

Prices paid for goods used in residential construction have increased 9.8% over the past 12 months and rose 2.4% in March, according the Producer Price Index (PPI) from the Bureau of Labor Statistics. Seasonally-adjusted softwood lumber prices increased 5.3% in March, reaching a new record high for the second consecutive month, according to a blog post from the National Association of Home Builders (NAHB). According to the NAHB, cross-border purchasers of softwood lumber are affected by the strength of the U.S. dollar relative to the Canadian dollar. The USD has weakened 13.6% since March 2020 and has fallen 4.5% since lumber prices began increasing in November.