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Tariffs to add $3B to $4B to US home building expenses
Posted on February 3, 2025 |
Tariffs on China, Canada, and Mexico will increase the cost of imported building materials by $3 billion to $4 billion, based on the rates.
Rising prices for essential imports will make construction more costly.
Builders will pay more for materials, which could delay new projects.
In 2023, builders spent $184 billion on housing materials, with $13 billion coming from imports, accounting for 7% of the total.
A tariff is a tax on imports, making foreign materials more expensive.
Importers will either cover the added costs or pass them on to buyers.