TOLEDO, Ohio — Johnny Cappalletty is one of many home builders being severely impacted by the lumber shortage across the country. While he's been busy with remodeling projects, the cost of them is rising fast.
"We have a ton of work," he said. "The biggest problem is can you get the materials to do it?"
Data from the National Association of Homebuilders (NAHB) indicates lumber prices are 300 percent higher now than in April of 2020. NAHB also says the cost of a newly built, single family home has gone up by nearly $36,000 over the past year.
"An 8-foot 4 by 4 is generally 6 to 8 dollars, where now they're 16 to 24 if you can even get them," Cappalletty said.
Cappalletty, of Toledo, says people being at home during the shutdown inspired a lot of remodeling projects and caused some people to up and move all together. On top of that, mills were not producing as much material last spring because of stay at home orders.
And now, the prices on construction can be risky, both for remodeling companies and consumers.
"Some of these estimates that we've done, this project in particular we're working on, we gave the estimate about six to seven months ago," Cappalletty said. "So by now things have changed."
Right now, it's unclear when lumber prices could go down, but for now consumers should be ready for higher prices, specifically until production is able to catch up with demand.