Building Materials Shortage

As if 2020 hasn't been crazy enough, builders and contractors are facing a nationwide materials shortage crisis. Even on the Outer Banks, where trends tend to reach us slowly (if at all) we are beginning to feel the pinch. Window manufacturers who used to promise one-week lead times are now promising four-week lead times. Siding products and lumber are also becoming harder to get without a long wait and we are being warned that warehouses are running out of inventory.

According to a recent article in Newsweek, major lumber mills cut back on their production when COVID-19 arrived in March, but didn't foresee the demand rebounding as quickly as it did. Mill shutdowns in Canada, social distancing requirements in factories in the United States, plant shutdowns in Mexico, China, and South America have all led to shortages in windows, doors, lumber, locks, electrical components, and composite products (like decking and siding). As housing starts continue to increase and do-it-yourself demand grows, we can expect increasing prices and shortages.

A recent survey by the Lumber/Building Material Journal found that lumber yards are having trouble getting pressure-treated as well as dimensional lumber from their suppliers. Decking, windows/doors, and siding are also becoming problematic as the following chart suggests:

Chart: LBM Journal

Industry leaders seem to think this trend will continue until the winter months when construction projects typically drop off around the country. It remains to be seen whether we will still see a shortage as construction rebounds in the spring.

If you have construction projects to complete before the start of your next rental season, please don't wait to schedule the work. There is absolutely no certainty on what the building materials market will do over the next 6 months and you don't want critical projects to be left undone.

Give us a call at 800.663.4944 to request an estimate or visit our website to learn more about what we can do for you.