Supply shortages a ‘looming crisis’ for housing industry: NAHB CEO
Lumber, drywall seeing shortages and cost hikes, Jerry Howard said
National Association of Home Builders CEO Jerry Howard argued supply shortages will become a "major problem" for his industry if they are not fixed soon on FOX Business' "Varney and Co."
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JERRY HOWARD: It's demand that's totally driving it. There's still huge consumer demand in small cities and urban areas that we're seeing a great deal of traffic and a lot of people are interested.
I just got home from a meeting of the national housing industry builders from all over the country. This supply chain is going to be a major problem if we don't get it fixed very soon. Everything from lumber to drywall to concrete to appliances -- three, four months delays as the product sits on the boats and in the ports around the country. It's a looming, looming crisis.
Obviously, time is money, and the longer it takes, the more it's going to add to the price of the house. Right now, we're looking at at least a few thousand dollars, depending on where you are and what products you're talking about.
HOMEBUILDER CONFIDENCE HIGH DESPITE GROWING CONCERNS OVER PRICE, AVAILABILITY OF MATERIALS
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