This year has not gone as we’d predicted. One market where that’s actually meant a huge increase in demand is home improvement – especially lumber. Harvard index’s late 2019 forecast predicted spending on home improvement would slow, but our new normal has proved a catalyst to the opposite. Since April, spending has actually gone up.
According to Statista, spending on home improvement in the US is up 17 percent. Spending on furniture and household appliances is up nine percent. The price of lumber per 1000 feet closed out at $648 on Friday, Aug. 7, up 59% from the beginning of 2020, and well above the previous, pre-coronavirus high of $463.
North Carolinians are buying more lumber for home improvement projects.
This is good news for North Carolina mills. The NC State University’s North Carolina Standing Timber Price Report for Q2 of 2020 shows marked increases in the prices of timber. The price of oak sawtimber, for instance, is up 43 percent from Q1.
The increased price of lumber and spending on home improvement bodes well for construction and N.C.’s furniture manufacturing industry. Among design professionals, North Carolina’s own High Point Market is known as the largest furniture show in the world. The biannual showcase has built an international reputation for North Carolina’s furniture vendors and manufacturers. Some of these vendors include Hickory Chair (headquartered in Hickory, NC), Lee Industries (based in Conover) and many more.
If you’re having trouble tracking down lumber for your home improvement projects, consider finding businesses that sell reclaimed wood. One such business that’s local to NC is Waynesville’s Appalachian Antique Hardwoods. Opting for untreated lumber is another way to cut down on your wait time.
For more on how NC businesses and consumers are adapting, head to North Carolina News Daily.