Home constructions costs rise due to hurricanes

October 9, 2017 9:43 am Published by

Picture of flooded homes

Do you live in an area impacted by Hurricanes Harvey, Irma or Maria.  Are you sure?

The ripple effect can spread far and wide.

Houston alone has over 200,000 homes that need flood renovations. In addition, businesses need repairs. Almost every building in the Caribbean needs repairs. The Florida Keys were also impacted. There is damage from Texas to Florida, Georgia and South Carolina.

Will there be a spike in costs as a result of imbalances between demand and supply? How much and for how long? For the next couple of months we expect no significant impact. Then over the next 6 to 18 months we expect to see an increase in costs in both labor and materials.

The economic conditions, new home market and demand for contractors before the storms were already inflating prices. This will further increase prices.

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