US EditionTariffs on lumber and appliances set stage for higher costs on new homes and remodeling projects
- The Trump administration imposed tariffs, including a 25% tariff on steel and aluminum imports and a 50% tariff on those from Canada, with some already in place and others slated to go into effect, impacting goods from Canada, Mexico, and China.
- These tariffs were implemented against the backdrop of a slump in the U.S. Housing market, where builders were already offering incentives to boost sales.
- The tariffs are driving up the cost of building materials, which are used in new residential construction and home remodeling projects, potentially increasing the cost of a single-family home in the U.S. By $7,500 to $10,000, according to the National Association of Home Builders.
- CEO Mamta Saini and others, including Danielle Hale, chief economist at Realtor.com, and Dent Johnson, president of True Value Hardware, expressed concerns about the uncertainty of the tariffs' duration and their impact on costs for builders, home improvement shoppers, and ultimately, consumers.
- The tariffs are expected to raise the cost of imported construction materials by over $3 billion and could lead to higher prices for homebuyers and impact businesses like Slutsky Lumber, with Jonathan Falcon, a co-owner, noting fewer people preparing for spring projects and concerns about small lumber yards competing with larger companies.
149 Articles
149 Articles
Daily Breeze
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