If you’re planning to do some home improvement work, watch out. Prices for materials are rising across North Texas. And the cost is only expected to go higher as more material is needed to help rebuild after hurricanes Harvey and Irma.
The amount of the increase depends on which product and on the damage reports from Hurricane Irma which are still coming in, but the material we’re most likely to see go up in price is wood.
Let’s face it, we go through a lot of lumber in North Texas. Our booming housing market keeps those pallets of wood coming in.
Experts tell NBC 5 Responds plywood, softwood lumber and fiber board are all in short supply and prices have been climbing long before any hurricane entered the Gulf of Mexico.
“The Trump administration decided to slap a 10-percent tax on Canadian soft wood lumber at the beginning of the year,” said David Lei, strategy professor at Southern Methodist University. “Most of the lumber does come from Canada. You’re exasperating a shortness of supply when you have a huge demand.”
Lei said the tariffs, along with the demand for home building both in DFW and in Houston, will likely lead to lumber prices rising about 20 percent.
With interests rates holding steady, the building will keep demand high for wood and other building materials, but another factor is the rising cost of fuel which can mean higher prices for consumers.