New construction starts continue to outperform similar numbers from both 2020 and 2019 in the City of Marion. Thru May 2021, the value of new commercial and industrial construction starts came in just over $13.3M. For the same period YTD, the value of new residential starts was $11.8M.

The community’s construction pipeline remains strong with a potential of $143M in projects currently being planned. As true across the construction industry, developers continue to balance high market demand and low interest rates with increased construction cost in wood, steel, and other commodities.

There is a silver lining developing. According to a June 11 article published by Bloomberg, lumber prices last week posted their “biggest-ever weekly decrease, extending a tumble from all-time highs reached last month as sawmills ramp up output.” This continued stabilization of prices will be the greatest influence on a strong finish to 2021.