It’s a concern that’s hitting home. The latest increase in Chinese tariffs has home remodelers passing those higher costs on to clients.
From tile to counter tops, laminates to lighting, and everything in-between is on the list that just went from 10% tariffs to 25%.
The additional costs just pushed up the expenses $1 billion to $2.5 billion, according to an analysis by the National Association of Home Builders.
The increase is on goods shipped starting last Friday so the hikes will not hit U.S. shores likely until the start of June. Still, the tariffs are already hurting the remodeling business.
Meanwhile, builders were already struggling with a labor shortage. Even worse, higher costs for both materials and labor are causing some consumers to reconsider their renovations.