“And prices will be higher next week than they were this week,” Alan Pippenger, president of the Requarth Co., a Dayton supplier, said Thursday.
The cost increases are due largely to an unexpected domino-effect triggered last spring by the COVID-19 pandemic, local officials said.
The hikes have led to some delays in single-family and multifamily residential developments. They also have caused shifts in business practices, including limiting customer purchases and buying truckloads of product without knowing the specific prices.
“We’re seeing precipitous increases in the cost of lumber on a nightly, weekly, monthly basis to the point where almost every construction contract that’s being written has contingencies associated with the price of lumber,” said John Morris, president of the Ohio Valley Associated Builders and Contractors.
The change in contract language started several months ago, said Morris, whose organization focuses on commercial construction and has about 32,000 members in Southwest Ohio
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