The U.S. construction industry may face higher lumber prices within a month if President Donald Trump follows through with his threat of tariffs on Canada this weekend.

The Palisades, Eaton and Hurst wildfires in Southern California have destroyed more than 12,000 structures, raising the likelihood of a spike in demand for lumber in the months and years ahead.

The 2018 Camp Fire in northern California's Butte County resulted in a short-term spike in lumber prices, followed by a "stabilization period as rebuilding efforts got under way," Goodman said.