The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

BUILDING materials suppliers yesterday confirmed that prices have “stabilised” significantly over the past several weeks but are far from returning to pre-COVID levels.

Anthony Roberts, City Lumber Yard’s general manager, told Tribune Business: “The prices have stabilised and the market is not nearly as volatile, but the prices in general have not gone back down to the level that they were a year-and-a-half ago when the whole pandemic started.”

Prices for all commodities spiked during COVID-19, with supply chain backlogs, product shortages and lack of availability all contributing to the increases as factories struggled to ramp up production when able to restart. Building materials were also impacted by surging demand as persons used COVID-related lockdowns and restrictions to focus on home repairs and improvement projects they had previously delayed.

With the short to medium-term outlook still uncertain, Mr Roberts said: “What I’m hearing is that there was some concern about a little bit of a recession on the US side, and I’m hearing things have slowed slightly. But, certainly, in building materials there has not been any large-scale recession and I think the prices in the market are sort of backing that up.

“So we are cautiously optimistic that things would continue. There seems to be a fair bit of construction going on in the Out Islands and here, so we’re hoping it will keep pace.”

Christopher Lleida, Premier Importers chief executive, said: “Some prices have dropped back to near normal, but it varies and some not quite so much. Supply is still an issue with some commodities and it depends.”

The Bahamas is typically the last country to be served by US exporters because they focus on taking care of their domestic market first. “We’re the first ones to get cut off and the last ones to get cut on,” Mr Lleida said. “Compared to where it was a year-and-a-half ago it’s much, much better. The majority of items and supplies have gotten back to normal, and freight is back from the level of insanity.

“Inland freight in the US is still a bit of an issue if you are not somewhere in close proximity to a port, and if you’re getting something from deep in state then that can be a little tricky.”