In a positive development on the housing affordability front, President Trump today signed the U.S.-Mexico-Canada Agreement (USMCA).
"NAHB commends President Trump for working tirelessly to make the USMCA a reality and for signing this landmark trade deal," said NAHB Chairman Dean Mon. "Trade policy affects housing costs and the USMCA represents an important victory for the American economy, for American workers and for housing affordability. By adding new jobs, boosting wages for American workers, and including provisions to lower the costs of materials needed to build and repair homes, this trade pact is a positive step forward to ease America’s housing affordability challenges."
The U.S. residential construction and remodeling industries rely on tens of billions of dollars in building materials sourced from Mexico and Canada annually because America cannot produce enough steel, aluminum and other materials and equipment to meet the needs of the domestic housing industry. The price volatility of these imported materials and equipment are needlessly driving up housing costs and exacerbating the nation’s housing affordability woes.
The USMCA is clearly a major improvement over the outdated 25-year-old NAFTA. By modernizing and strengthening free trade with our largest trading partners, the USMCA will boost U.S. economic growth and help keep the prices of homes and home improvements low.