Each of our lives was affected in some form or fashion during 2020 and the COVID-19 pandemic. While many of us were dealing with illnesses and keeping our loved ones safe, other things took place within the supply chain of our country, and the production and transport of construction materials like lumber, steel, and even fixtures slowed early in 2020.
In spite of the slow inflow of construction materials, many people who were stuck at home were also buying materials to tackle DIY projects or give themselves something to do. The combination of slowed production and higher demand has sent some material prices to unheard-of levels.
A Look at the Changes in Lumber Prices Over the Last Year
As of April 2021, lumber prices had hit an all-time high. From just a year ago, the price of lumber has skyrocketed 340%, and the price has actually climbed by 67% since the beginning of the year. While most people think of these higher prices affecting only lumber used for framing walls and building homes, these heightened costs seep into everything wood-related. Therefore, even buying new wooden cabinets, wood flooring, or wood trim can mean you will be paying more for these materials. These heightened costs can add as much as $35,872 to the cost of building a new home.
How Pricing Is Changing with Other Construction Materials
Unfortunately, lumber is not the only construction material that has experienced price increases. Several other materials used in home construction and remodeling projects have also gone up. A few examples:
- Gypsum for drywall has increased 7%
- Steel mill products used for sheet metal and steel framing have increased 18%
- Copper, which is used for electrical wiring and figures, has increased by 27%
While the costs of construction materials are expected to stabilize over the course of the next year, for now, these higher prices are driving up the costs of construction projects for many.
What to Expect As Our Customer with Ever-Changing Costs for Construction Materials
Here at Oasis Builders in Los Angeles, we have always offered a promise to our customers: we will offer the best pricing possible and remind totally transparent about costs involved with your project. In lieu of the recent jump in construction material prices, we want to remind our prospects and current clients that we are doing all we can to offer the most affordable prices.
If you have received a quote from us for a remodeling project, please note that the quote we offer is given according to the costs of materials at that given time. As quickly as costs have risen over the past few months, we may occasionally have to make pricing adjustments once your project begins, and we start sourcing materials.
Before we begin any project, we will discuss any price changes due to material cost changes, so you are fully aware of what to expect. As always, if you have any questions about how we build an estimate or how we strive to keep pricing transparent in these ever-changing times, feel free to contact us!