After a dramatic spike from early-2020 to early-2022, the cost of framing lumber has now declined 42% over the past three quarters, according to data released this week by Gordian, the leading provider of data insights, technology and expert services for all phases of the building lifecycle
Gordian data indicates that other wood material costs have also fallen as we enter 2023:
- Plywood costs have declined significantly in the past year. Since mid-2021, when plywood was at its highest prices according to the nationwide average, plywood costs have fallen 55% and continue to follow a downward trend.
- Pine board prices have finally started to show signs of easing. After a stunning 225% increase over the past two years, pine boards took a downward turn in late-2022 and declined by 10% in the past quarter.
While many construction industry participants are enjoying the relief from painful lumber price hikes in recent years, Gordian’s construction cost data experts warn that wood material costs are prone to quick shifts. More volatility should be anticipated in 2023.
We invite you to incorporate any of this data and/or visual images into your editorial coverage of the construction industry. Please attribute all content as courtesy of Gordian (www.gordian.com). Additional charts for the data reported in this email are available upon request.
Gordian regularly collects, validates and analyzes North American construction material, labor and equipment costs to enable its customers to create reliable project budgets, build estimates and validate price proposals.