New Single-Family and Multifamily Construction Used $94.93 Billion in Building Material Products in 2019

In 2019 new single-family and multifamily construction used approximately $94.93 billion in building material products. This according to a recent National Association of Home Builders in depth analysis of the Input-Output Accounts generated by the U.S. Bureau of Economic Analysis (BEA). A vast majority, the analysis reports, was produced domestically, which supported jobs in the U.S. manufacturing sector. However, approximately 6.4% or $6.12 billion were imported from other countries. While the imported figure is relatively small, it provides an important source of supply and can help fill the gap in supply and prevent spikes in input pricing, when U.S. manufacturing falls short.  Although individually making up a smaller shares, when added together the three main categories of wood products (plywood and engineered wood products, sawn lumber and treated wood products, and “other” wood products) accounted for a little over $10 billion of the $94.93 billion in building products used in new residential construction in 2019. The impact of the current 2020 lumber, panel and building materials price spike will definitely impact the 2020 BEA figures.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.