(Cedar Rapids, IA) -- Remember the pandemic toilet paper shortage? It looks like now we're having a nationwide pandemic lumber shortage. Lumber prices are up more than 120-percent over a year ago, when you can find the lumber you need.
The reason for the increase is linked to the pandemic, according to Forbes. The rest is demand and supply.
On the demand side there's been a nationwide housing boom as people move into bigger homes, people who've been stuck at home are doing home improvement projects, restaurants and bars across the nation have built outdoor patio seating to meet social distancing requirements.
On the supply side, many lumber producers shut down or reduced production of lumber during the pandemic and are just starting to ramp up production again. So, lumber suppliers are rationing out lumber so they don't run out.
“It’s hectic, trying to find materials and try to explain to people why they cost so much,” Tim Gordon, the owner of Gordon Lumber Company in Mount Vernon says.
Lumber futures, like the Dow futures and other market futures, are up 325-percent. With prices up only 120-percent market analysts say that leaves room for prices to go higher. But, lumber producers are working to increase output. If they are fast enough the increased supply could offset any further increase in prices.
Photo by Getty Images. Additional information from Bloomberg, Forbes, and KCRG-TV 9.