As we all know, prices recently have been fluctuating due to external factors in our economy. Starting with the pandemic, building costs, especially lumber, increased dramatically. Unfortunately, the price is still relatively high and will not decrease unless the demand for lumber decreases. Materials are in short supply, while demand is extremely high causing them to be more expensive and take longer to arrive.
With these increased building costs, it is making it difficult for contractors to provide estimates for their clients. Since 2020, the price of lumber has basically tripled and material costs are up 22% year-over-year. According to researchers, prices are going to stay relatively high until there is a decrease in demand or an increase in supply. Unluckily, between tariffs and supply and demand, building and lumber costs are going to stay relatively high for right now.