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Market watchers highlight that the lumber price forecast 2024 incorporates strong housing permits data. April’s 1.48 million annualized permits in the U.S. suggest sustained demand. If labor shortages in mills persist, pricing momentum may extend into Q4, hitting possible highs of $ Typically, the industry sees an increase in demand going into the end of the year as builders gear up for first-quarter builds, he said, and there’s “slightly better visibility” on projects for the fourth quarter of this year and first quarter of next year. That’s “encouraging for future demand growth,” he added. Single-family starts in the US dropped in October likely as Hurricanes Helene and Milton depressed activity in the South. Meanwhile, permits rose slightly, indicating that an anticipated rebound probably would be muted by higher mortgage rates. Commodity strategists in the lumber price forecast 2024 report note weather disruptions in British Columbia affecting logging operations. Rain delays have hindered harvest schedules, adding to spot market tightness. Price targets now trend toward $600 by early fall.
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