Lumber Prices Up in March, but Tariff Concerns Loom

Madison’s Lumber Reporter shows increases in prices at the end of the month, with many holding off on buying pending new trade developments.

In the week ending March 28, 2025, Madison’s said the price of 2×4 benchmark softwood lumber Western Spruce-Pine-Fir was $545 MFBM (thousand feet board measure), up $10 or 2 percent from the previous week when it was $535. That week’s price was up 13 percent, or $63 from a month ago when it was $483.

Compared to the same week in 2024, when it was $452 MFBM, Madison’s said that week’s price was up 21 percent, or $93. The increase is even more substantial when compared to two years ago when the price was $380, up $165, or 40 percent.

March ended up being a bit in a holding pattern as players in the lumber business waited for decisions on tariffs, which President Trump subsequently announced on April 2. And while some held off ordering, others apparently were buying in anticipation of the usual spring ramp-up in building activity.

Madison’s reported that there were concerns that there could be a spike in ordering in early April depending on how companies viewed the trade situation. The service also reported transportation issues throughout the lumber trade, including shortages of trucks and delays at border crossings between the U.S. and Canada.

All of this comes as February saw a small increase in new construction in the US, even as the rates still trail historical seasonal levels.

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