June permit authorizations and lumber costs were up year-over-year, according to the latest data from CoreLogic…(CL)
- Single-family U.S. permit authorizations in June 2021 were at 105,122 a 25% increase from June 2020.
- Costs for lumber in June increased by 129% when compared to June 2020.
NOTE: Currently, lumber futures are down 33% from the end of June which is also down 70% from the high of $1,670 we saw in early May.
The states with the largest residential reconstruction costs were Maine (+3.3%), South Dakota (+2.6%), and Alabama (+2.5%).
- The states with the smallest increase was a three-way tie at 0.7% with New Jersey, New York, & California.
NOTE: 72% of contractors are expecting project delays due to COVID-19 with lumber being the most reported material shortage at 33%.