Weyerhaeuser\u00a0CEO Devin Stockfish told the US media that\u00a0the lumber company believes the U.S. housing market will remain strong for years ahead, even after the pandemic helped fuel a surge in homebuying.<\/p>\n
\u201cFirst and foremost, it all goes back to the level of underbuilding that we\u2019ve been doing in the U.S., really going back to the last Great Recession,\u201d Stockfish said, referring to the industry\u2019s historically low housing output.<\/p>\n
\u201cWhen you think about normalized housing over any historical period, really coming out of \u201908, \u201909, 2010, we\u2019ve really been building well below that level for a significant amount of time. ... We think there\u2019s a lot of pent-up demand,\u201d the executive said in an\u00a0interview.<\/p>\n
The housing market heated up dramatically during the Covid pandemic, and the sharp rise in home prices fueled\u00a0some concerns that another bubble was forming\u00a0or, at least, that a marked slowdown was on the other side.<\/p>\n
While recently there have been\u00a0some signs of cooling, Stockfish said demographic trends will help support the market over the next decade. Specifically, he pointed to the wave of millennials who are reaching stages of their life when homebuying becomes a priority.<\/p>\n
Stockfish said that fact, combined with the underbuilding, \u201cgives us a lot of confidence that we\u2019re going to have to build a lot of homes here over the next five or 10 years to house the demand level that we have here in the U.S.\u201d<\/p>","protected":false},"excerpt":{"rendered":"