2021-2023 lumber shortage; wood shock
Wasei-eigo term referring specifically to the global lumber shortage and price surge that occurred from 2021 to 2023, often in the context of Japan's housing and construction industries.
wasei-eigo (Japanese-coined English), from wood shock
Due to the wood shock, the prices of newly built homes soared.
The wood shock was caused by a sudden global surge in lumber demand during the COVID-19 pandemic.