U.S. Homebuilder Sentiment Falls on Storm-Related Supply Concern
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Sentiment among America’s homebuilders fell more than forecast in September as companies grew concerned about the cost of construction materials and labor shortages in the wake of Hurricanes Harvey and Irma, according to data Monday from the National Association of Home Builders/Wells Fargo.
The pullback in sentiment reflects builders’ heightened concerns about higher prices for materials following Harvey’s widespread damage to properties in southeast Texas and Irma’s landfall in Florida. In addition to rising costs of construction supplies, the industry has also been contending with a shortage of workers and ready-to-build lots.