"According to NAHB, 27% of imports used in residential construction come from China, more than double that of Mexico, which is at 11%. This substantial dependency exposes builders to high tariffs."
"More alarming is that 60% of builders say their material costs have gone up by an average of 6.3% this year, adding $10,900 to the cost to build a single-family home."
The NAHB/Wells Fargo Housing Market Index reading of 40 reflects widespread pessimism among builders regarding market conditions. April's statistics reveal that material costs have risen by an average of 6.3%, adding around $10,900 to single-family home construction costs. This trend is primarily driven by the heavy impact of tariffs, notably on imports from China, which account for a significant portion of building materials. Furthermore, consumer sentiment has shifted negatively, with many Americans hesitant to spend due to uncertainty created by current tariff policies.
Read at www.housingwire.com
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