A drop in lumber prices has invigorated demand for commercial building projects, especially for multifamily product, Sherwood Lumber chief operating officer Kyle Little told CNBC last week.
A drastic runup in lumber prices earlier this year created a challenging environment for builders, but the industry appears to be well on the path to recovery from the sell-offs of the first half of 2020. Little told CNBC that the current lumber prices make "absolute sense" when viewed against that backdrop.
The price of lumber hit $480.40 per thousand board feet the previous week, a low watermark since July 2020, and CNBC reports that lumber prices should hit their 13th consecutive week of loss this week.
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