US housing starts climb in June amid declining lumber prices

Madison’s Lumber Prices Index for the week ending July 12 reported a price of US$369 per thousand board feet, a 3% decrease from the previous week’s US$380.

June’s total US housing starts rose by 3% to 1.36 million units, though down 4% year-over-year. Single-family starts fell 2% from May but increased 5.4% compared to June 2023.

Building permits, a predictor of future construction, grew by 3% month-over-month to 1.45 million units.

Madison’s data shows the price for Western Spruce-Pine-Fir 2x4 #2&Btr KD dropped 4% from the previous month and 21% from the same period last year, reflecting fluctuating demand and market conditions in the lumber industry.