Huge tariffs on Canadian lumber imports have already added an estimated $9,000 to the cost of a typical U.S. single-family home. And expensive tariffs on imported steel are making commercial projects more costly.
Now a new round of tariffs on billions of dollars of Chinese imports could add more costs to the construction sector, industry analysts say.
“These tariffs make up about a $1 billion tax on housing,” Robert Dietz, chief economist of the National Association of Home Builders said.
Combined with earlier trade penalties, newly imposed tariffs on Chinese imports could add up to “a $2.5 billion tax increase on residential construction at time when builders are already grappling with higher housing costs,” the builders association is warning.
The construction materials that builders will now be paying higher prices for include everything from stone countertops, to vinyl floor coverings and ceramic tiles and asphalt roofing shingles. Costs of all types of appliances, lighting fixtures, sinks, bathtubs, toilets are also expected to rise.
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