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Amongst the chaos which has encapsulated the year of 2020, home builders and American home buyers appear to have a bright future of affordability laid out for them. With the heightened pricing of lumber, the U.S. Commerce Department has decided to slash the amount of Canadian lumber shipments coming into the United States from 20% down to 9%.
NAHB Chairman, Chuck Fowke, has revealed that despite the immaculate success the construction industry will surely garner from over-the-border shipment reductions, tariffs will still serve as a continuous issue. Fowke believes the United States needs to correspond with Canada in order to suspend tariffs to therefore provide solid stability as well as equitable pricing within the Canadian lumber trade. Lower tariffs would alleviate unpredictability and additionally defer the pressure to raise costs.
The lowering of lumber prices have paved the way towards an incredible and unprecedented growth of new home sales and housing construction projects. What once in September was $950 per thousand lumber board feet is now about $569 per thousand board feet.
The NAHB feverishly continues to look for solutions which will guarantee reliable lumber for the American home building market at an honest price.