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White House Says Materials Shortages 'May Be Short-Lived'

June 28, 2021

The shortages that have plagued the building industry since the onslaught of the COVID-19 pandemic may be ending, according to White House economists.

After hitting an eye-popping price of $1,711 per thousand board-feet last month, lumber prices have fallen 38%—a sign economists Susan Helper and Evan Soltas say suggests that some materials shortages could be short-lived. Commodities tracked within the Producer Price Index rose 19% year-over-year in May 2021, the largest such increase since 1974, and lumber has quite notably led those increases.

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