If you have been paying attention to the news recently, you have likely heard about the tariffs placed on major imported building materials including lumber, steel, aluminum and quartz.
While multifamily construction demand still remains strong, it’s no secret that these tariffs are here and they are impacting the industry.
What impact will this tariff have exactly?
Recent tariffs have not only driven up costs of materials that the multifamily construction industry relies heavily
One of the most sought after materials in multifamily construction, quartz, has increasingly become more popular due to its durability and sleek look. A tariff recently placed on quartz has nearly doubled its price, and has resulted in the need for developers to revisit natural stone options like granite or imported Mexican stone. Many higher-end granite products offer a similar look for around the same price as quartz.
The need for housing is here to stay, so in order to overcome the tariff hurdle, KWA continues to address any potential issues right from the start. During pre-construction and contract negotiation, we conduct open and honest conversations with developers to align expectations with potential budget or project constraints.
It’s inevitable – overall construction costs will continue to increase. With the new tariffs in place, we as builders will need to continue approaching construction projects more carefully during the planning process to come up with ways to build within reasonable budgets without compromising quality.