JONESBORO, AR (KAIT) - If you're looking to build or renovate your home soon, you may be spending more for upgrades.
This week’s round of 10% tariffs on China will affect things like appliances, flooring, and kitchen cabinets.
The tariffs jump to 25% at the beginning of the year and could further impact the homebuilding and renovation industry.
Des Moines, Iowa homebuilder Don Brill says this tariff in particular will add to increasing costs of lumber and labor.
“Those costs are increasing a lot higher than the tariffs we’re going to see coming from China. I don’t think the tariffs that were imposed yesterday is going to have that big of an increase,” Brill adds. “I think a lot more on the commercial side of it than on the residential side.”
Realtors say homeowners who are planning to remodel may face more of a decision compared to builders.
The added cost of some products will compound with a lack of supply due to several large-scale natural disasters in the country taking up inventory.
For more information on recent tariffs, click here.