How developers can mitigate rising construction material costs amid lumber price hikes

Lumber prices have soared, tripling over the past 12 months forcing developers to adjust project plans and bids accordingly. As reported by the National Association of Home Builders, the price of an average new single-family home has increased by $35,872. Despite low interest rates, these high construction costs can be a game changer for a project’s bottom line. In this episode our multifamily housing specialists share how you can mitigate material cost increases, what you should think about if currently bidding a job or projecting a future bid, how to identify project scope items for efficiencies and when the lumber cost increase is expected to stabilize.