Material Shortage Update! What is happening with lumber prices? (March 2022)

The construction industry has been facing a material shortage, particularly in February 2022. Brad, the owner of Home Love Construction, a renovation and construction firm in the Tampa Bay area, provides an update on the current situation.

One of the major issues is the shortage of concrete blocks, which has led to a 40% price increase from the previous year and a one to two-week delay between ordering and receiving the blocks. Drywall prices have remained stable, but there’s a shortage of installers, leading to a 20% increase in installation prices.

Windows, shower glass, and cabinets are also facing a shortage, with long lead times and increases in prices. Windows, for instance, used to have a lead time of eight to ten weeks but has now gone up to 16 to 30 weeks, with a 14% price increase in the base cost of windows in January.

Cabinets have been relatively stable in price over the past few months, but the lead time remains long and unpredictable due to the labor shortages and wood shortages. Cabinet-grade plywood is still facing some shortages, leading to occasional delays of four to six weeks in deliveries.

In conclusion, the construction industry is currently facing significant material shortages, leading to delays, increased prices, and unpredictable lead times. These challenges are affecting different materials differently, but it’s crucial for contractors to be aware of these issues and make necessary adjustments in their projects.