Lumber prices are falling, but building costs remain high
The price of Lumber is falling from its pandemic high. But experts say it still has a ways to go to reach pre-pandemic levels.
In June of this year, a standard two by four was nearly two hundred percent more expensive than in June of 2019, according to Dewitt lumber. Since June, the price has fallen more than fifty percent.
But according to experts, the cost of building and renovating is still high.
Lauren Tucker is the Executive officer of the Home Builders Association of the Grand Traverse area. She says there are multiple reasons why building costs remain high. One of which is the lack of skilled labor.
“Average age of builders in the state of Michigan is over 60 with no younger folks to pick up the reins when they exit the workforce.” Said Tucker.
Tucker says rural areas are challenged with the cost of bringing in crew from other parts of the state. And with the prices of all building materials still high, Tucker recommends setting reasonable budget expectations on building projects