Kevin Hern: “Over the last 2 years, the price of lumber rose at an astronomical rate. This followed prolonged shutdowns of lumber…”

“Over the last 2 years, the price of lumber rose at an astronomical rate. This followed prolonged shutdowns of lumber mills and production plants, despite the maintained demand for lumber for construction projects that continued as an essential activity during the pandemic. The resulting supply and demand inversion caused a nationwide lumber shortage. Our economy struggles when businesses feel uncertainty in the market, which is why it is the government's job, in times of crisis like the COVID pandemic, to ensure stability. In May of last year, I sent a letter to U.S. Trade Representative Katherine Tai urging action to prevent further disruption in the price of lumber. At the time I sent the letter, lumber prices had skyrocketed more than 300 percent over the previous year. With the support of nearly 100 bipartisan Members of Congress, Congressman Brian Higgins and I asked Ambassador Tai to resolve the crisis by resuming trade negotiations with Canada to reduce the price of softwood lumber. While lumber prices temporarily declined following that letter, it took months for a meaningful portion of those decreases to reach the construction industry and its customers. Prices began rising again in September and have continued to increase in the months since, once again putting strain on the hardworking Americans who build our homes and communities.…”