Home builders still face supply shortages, heightened costs
RICHMOND, Va. (AP) — Home builders and home remodelers are still facing supply shortages and higher prices for construction materials in the wake of the coronavirus pandemic.
The Richmond Times-Dispatch reported Sunday that heightened building costs are the continuing result of surging demand for new houses and home remodeling projects.
Many Americans have been stuck working at home and decided to add a deck or a room for an office. Or they’ve sought out a new home.
The demand is impacting lumber mills as well as factories that make materials for plumbing and electrical wiring. Many were shut down during the early days of the pandemic, prompting gaps in the supply chain.
Freezing weather in Texas earlier this year was another factor. Many building supplies come from factories in that state.
Some builders have had to absorb the increased costs for projects because they contracted to do the work before the pandemic hit. Others have put escalation clauses in their contracts to pass on the extra costs to consumers.