From NCMA's eNews
March 29, 2018
Designers are looking for more stable solutions. National Real Estate Inventor reports that the construction industry is “already smarting” as a result of the 25% steel tariff and 10% aluminum tariff imposed by President Trump two weeks ago. Real price increases because of the tariffs will not be known until six months to a year from now, although developers are already seeing costs rise up to 10 percent. Tariffs of 25% on imported Canadian timber in November 2017 were responsible for rising construction costs for single and mid-family homes. “Uncertainty drives people to be very conservative, risk-averse. It is affecting our deals,” said Joe Pecoraro, a project executive at Chicago-based general contractor Skender. He believes that projects could be delayed if steel costs rise any further. Concrete masonry is a viable choice for many projects with a stable future cost outlook. Read more.