Concerns that the US will withdraw from NAFTA has led to a jump in the price of lumber. Prices are now at a 4½ year high. However given that lumber accounts for a relatively small share of overall construction costs, on its own that development will have a minimal impact on homebuilding activity. But, combined with labour and land shortages, it will only add to the pressure on builders to protect margins by focussing on the higher end of the housing market.
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