Lumber Prices Impacting Renovation Costs
Reliant Construction Group specializes in kitchen, bath, and whole house renovation. Since 2020, we have seen lumber prices impacting renovation costs. The cost of construction-grade softwood-lumber – specifically pine – is through the roof. In Nashville, the price of an 8-foot, pine 2×4 averaged $2.29 in 2020. Today (June 2021) in Nashville, an 8-foot 2×4 averages $8.37. In 2020, a 4×8 piece of plywood averaged $23. Today it costs an average of $67.
What’s Causing Higher Prices?
Some people might point immediately to inflation for the increase in lumber cost. But experts say higher prices are really due to the unexpected balance of supply and demand. The low supply of lumber is a combination of:
- increased demand for new homes
- the DIY renovation boom during COVID-19 lockdown
- decreased production of sawmills due to COVID-19 shutdowns
The good news is that lumber prices are coming down as sawmills are now able to ramp up production. New construction will also slow down in the colder months also reducing demand. However, it is unlikely that you will see pre-COVID prices again.
What Can You Do about Lumber Prices Impacting Renovation Costs for Your Home?
If you want to renovate now, don’t be discouraged. Reliant Construction Group is the kitchen renovation company Nashville homeowners turn to, even during this period of higher prices. The professionals at Reliant can suggest desirable, yet budget friendly options for your renovation. In addition, clients may use the Reliant Construction Group contractor discount when making their material purchases—in many cases a substantial savings over typical retail pricing.
You Can Trust Reliant Construction Group
Our mission is to give you the highest quality of construction and craftsmanship. When we do your remodeling project, you will have a space you can enjoy for years to come. Give us a call today and get a quote.