The CEO of the most significant US lumber producer suggests that the commodity’s sky-substantial cost is not the new normal, even as he foresee sustained demand from customers about the subsequent 10 years
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Devin Stockfish, the main executive of Weyerhaeuser, the most significant lumber producer in the US, on Tuesday mentioned the sky-higher value of the commodity is a blip that is unsustainable.
“I really don’t believe $1,000 lumber selling prices are the new normal,” Stockfish instructed the Nareit REITweek 2021 Trader Meeting, Bloomberg report.
He ongoing: “With that staying reported, when you assume about the amount of money of housing we’re likely to have to make in the U.S. about the next a few, five, 10 decades, which is just a major amount of money of demand for wooden merchandise.”
Lumber costs have soared in the earlier 12 months as housing marketplaces all-around the environment boomed during the coronavirus pandemic, with the random-size value increasing all over 40% in 2021. 
Lumber stood at above $1,168 per 1,000 board toes on Tuesday afternoon.
“We are heading to keep on to search for timberland chances,” Stockfish said. “Each individual offer that will come to marketplace, we’re seeking at, so I would anticipate us to keep on to be energetic on that front.”
The Seattle-primarily based firm owns 11 million acres of timberland in the US.
Shares of Weyerhaeuser closed reduced on Tuesday by .36%, at $35.57.
