Bitcoin? Blasé. Gold? Going out of style. “The hottest commodity on the planet,” according to Dustin Jalbert, an economist at the market-research firm Fastmarkets, is lumber.
In North America, lumber is typically traded in units of 1,000 board feet; builders need about 15,000 board feet, on average, to construct a single-family home. From 2015 to 2019, lumber traded at $381 for 1,000 board feet, according to Fastmarkets. This month, it reached an all-time high of $1,104 for the same amount. The lumber shortage has added at least $24,000 to the cost of a new home, according to the National Association of Homebuilders.
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