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 on supply shortages.
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.
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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.
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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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National Association of Home Builders CEO Jerry Howard on consumer sentiment and how supply issues are impacting builders in the housing industry.