Record-high lumber prices impact suppliers, new homes, DIY projects, jobs, business, real estate, coronavirus, economy

“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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How home renovations impact your homeowners insurance premiums

With Americans’ savings rates up and stimulus cash on the way again, home renovations are soaring – but at what impact on homeowners’ insurance? (iStock)

U.S. homeowners are taking on home renovations during the pandemic, fortified by increased savings and an environment of low interest rates. According to a Bank of America survey, 70% of Americans decided to take on home improvement projects last year with more projects planned for 2021.

“With the pandemic, we have seen an increase in homeowners using our projects tracking features,” said John Bodrozic, co-founder of Home Zada, a homeownership data analysis platform. “The most common projects are kitchen and bathroom renovations which fall into a major home improvement. The next level of projects are more of flooring and painting projects which fall into minor level renovations.”

If you’re remodeling your home or plan to remodel, remember to consider the impact your home

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