At least one local distributor in the construction industry is warning residents to brace for an increase in lumber and construction plywood prices.
CTL Home Center said the price increases will be as a result of the global COVID-19 pandemic which is affecting its suppliers in the US, Latin America, and the Caribbean.
“I believe that it is my civic duty to inform our valued customers about this unfortunate increase in lumber prices caused by the COVID-19 pandemic that will result in increased construction cost for our home builders” CTL’s Managing Director Michael Thomas said in a news release.
CTL Home Centre said it also received information from the US National Association of Home Builders that because of “insufficient domestic production and tariffs on Canadian sources, the price of lumber has staged a staggering increase in recent months, rising roughly 80% since mid-April to an average price above $600 per thousand board feet”.
Thomas also said the cost-increase for construction plywood is being fuelled by production decreases in South America, due to the partial opening or complete shutdown of mills.
He added that “the industry is indicating that prices are going to drop but it is not expected to return to pre-COVID-19 levels anytime soon”.
CTL Home Center is reassuring customers its prices will remain the same until it is time to replenish inventory. Thereafter, customers may see increases in the prices of lumber and plywood.
The company said it will do all it can to make lumber prices as affordable as possible for BVI residents.
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