The Miami Herald ran an article discussing South Florida home prices and how they may go up in price because of tariffs. Co-owner, Murray Rice, was interviewed as an expert source for the story. He discussed the challenges the construction business is currently facing. Here is a clip from the article:
“For Murray Rice, co-owner of Deerfield Beach-based Richard and Rice Construction, the tariffs have translated into a 10.5 percent increase in lumber costs since January. And rebar is even worse: costs of the reinforcement steel rods have skyrocketed 58 percent this year alone, he said. Rice’s company constructs shells — the structural framework for homes — for home builders including Lennar and DR Horton. Though timber is used only minimally due to Florida’s climate, it still accounts for 12 percent to 15 percent each project’s overall budget in his South Florida projects. The end result: “If a shell cost $30,000 a year ago, it would be 33,000 to $34,000 today,” said Rice.”
To read the article in its entirety, click here.