After a big pop the previous week, for the week ending February 25, 2022 the price of benchmark softwood lumber item Western Spruce-Pine-Fir 2×4 #2&Btr KD (RL) was US$1,350 mfbm in North America. This is up by +$20, or +2%, from the previous week when it was $1,330, according to Madison’s Lumber Reporter.
That week’s softwood lumber price is up by +$173, or +15% from one month ago when it was $1,178. When compared to the same week last year, when it was $1,040, this week’s price is up by $310, or (30%). Compared to two years’ ago when it was $446, this week’s price is up by $904, or (203%).
January starts of US single-family housing, the largest share of the market and construction method which uses the most wood, continued the decreases of December 2021 when it was to 1.182 million, down by another -5.6% to 1.116 million annualized.
January 2022 single-family permits, however, jumped by +6.8% compared to one year ago, when it was 1.128 million units.
Building permits are generally submitted two months before the home building is begun, so this is an indication of good building activity looming in March.
