Supply shortages a ‘looming crisis’ for housing industry: NAHB CEO

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." 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

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

WATCH THE ENTIRE SEGMENT BELOW: