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US lumber prices grew by over 6% as housing starts grew unexpectedly in August
Posted on September 26, 2022
- In August, housing starts grew by 12.2% to an annual rate of 1.575 million units due to an increase in multifamily projects.
- Lumber prices grew by over 6% to $512.60 per thousand board feet despite new permits for home construction falling by 10% to 1.517 million units last month.
- Borrowing costs have increased as Federal Reserve policymakers will boost rates by 75 basis points for a 3rd meeting to contain inflation.
- As a result, homebuilders' sentiment fell for a 9th straight month in September, the longest stretch of declines on record.
Image: Bloomberg