It's not just housing shortages. A lumber CEO says a boom in DIY projects is also driving up demand [View all]

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for the building material.

The CEO of Weyerhaeuser, one of the world's largest private owners of timberland, said the housing boom is not the only reason lumber prices are soaring - a surge in home-improvement projects is also driving the market.

While lumber prices have fallen back from May's record high of $1,700 per thousand board feet, commodity experts anticipate the home-building product to trade above $1,000 (well above the $400 historical average) for the next three to five years. Weyerhaeuser CEO Devin Stockfish recently told TIME that home repair and remodeling projects will continue to keep lumber prices elevated.

Though the red-hot housing market has largely been credited with driving lumber prices, a shortage of nearly 4 million US homes has had a ripple effect on the home-improvement market, as more people look to update their homes without the option of buying a new one.

"Repair/remodel is actually also a very big driver, from do-it-yourself folks buying wood at Home Depot to all these people that have old houses," Stockfish told Time. 'They want a new office, they want a new kitchen."

https://www.msn.com/en-us/money/realestate/it-s-not-just-housing-shortages-a-lumber-ceo-says-a-boom-in-diy-projects-is-also-driving-up-demand-for-the-building-material/ar-AALxOF2