Houston Halts Home Construction Amidst Surging Lumber Prices

Houston Halts Home Construction Amidst Surging Lumber PricesHouston Halts Home Construction Amidst Surging Lumber Prices Houston has become the latest city to halt home construction due to the skyrocketing costs of lumber. The move comes as homebuilders across the country struggle to cope with the rising prices, which have more than doubled since the start of the pandemic. According to local officials, the rising cost of lumber has made it nearly impossible for homebuilders to turn a profit. The price of a single 1,000-board foot has risen from around $300 to over $1,000 in recent months. This has added tens of thousands of dollars to the cost of building a new home. The halt in construction is a major blow to the Houston housing market, which has been one of the strongest in the country in recent years. The city was expected to add over 40,000 new homes this year, but that number is now likely to be significantly reduced. The rising cost of lumber is due to a number of factors, including increased demand from homebuilders and disruptions to the supply chain caused by the pandemic. Mills have been unable to keep up with the demand, and there have been delays in shipping lumber from Canada, a major supplier. The halt in construction is likely to have a ripple effect on the Houston economy. The construction industry employs over 100,000 people in the city, and its slowdown will lead to job losses. It will also make it more difficult for people to buy homes, as prices continue to rise. City officials are working with homebuilders to find ways to reduce the cost of construction. They are considering measures such as waiving building permit fees and providing tax breaks to builders who use alternative materials. The halt in construction is a reminder of the challenges facing the U.S. economy as it recovers from the pandemic. The rising cost of materials is putting a strain on businesses and consumers alike, and it is unclear how long it will take for the situation to improve.