Ive been told by a friend in the lumber business the real reason is there are a couple of plants that make resin/adhesives that are used to make lumber products that have been shut down because flood or fire not sure which.
Also said boat construction is hampered too because same place makes resin for fiberglass.
I am a lumber broker.
There was a resin shortage caused by the shutdown during the February deep freeze in TX. It caused an already short supplied market to become worse.
This caused an additional 25% increase in OSB prices. They have now topped out at as high as $70/sheet for 7/16”.
The resin shortage affected several different engineered wood products such as LVL(laminated veneer lumber), wooden I-joists, 50 year warranty OSB underlayment, and some finger jointed lumber. All of these use the same type of resin.
The major increase in lumber was due to an initial contraction of supply due to covid shutdowns coupled with the increase in demand of honey do projects with everyone staying home. Since then, the exodus from all the major cities, coupled with 20-30 somethings buying their first house has caused a major increase in SINGLE FAMILY HOUSING.
Not apartments. People are moving out of condos and apartments and buying a stand alone house in the suburbs or country.
In addition, the sawmills have not been able to hire new employees because of the enhanced unemployment benefits.
Also, 50% of people can not pass a drug test. As an employer you certainly do not want a drug user around dangerous milling equipment. Same issue with the truck driver shortage.
However, all that being said. The lumber/OSB market has topped. It is starting to correct. However, prices will stay historically high probably through the rest of the year and into 2022. IF you do not need to do a project, wait.