Home Renovation Costs Continue To Increase Because Of Tariffs
Among the flooring materials available in the market, there is nothing more elegant and classy than natural stone marble tiles that can stand the test of time. Marble is a common material for natural stone tiles although they can also be produced from slate, travertine, limestone, granite and sandstone. Each of the mineral substances has different properties which must be considered carefully by a homeowner.
However, home renovation prices are soaring because of increased demand and the new round of tariffs on imported goods from China. According to the National Association of Home Builders, the latest round of tariffs will affect $10 billion worth of Chinese home re-modelling and building products. The tariff which starts at 10% is expected to rise to 25% by year end. It will be equivalent to about $2.5 billion increase in tax for the industry.
According to contractor Justin Sullivan, the costs of home renovation projects in the Washington D.C. area have gone up so fast that clients and contractors are now signing contracts with escalation clauses. Since contractors are not sure on how much prices will be going, the escalation clause are scheduled six months from now.
There is high demand for home improvement because homeowners have the ready cash to improve their investments. However, there is labour shortage which puts a bit of pressure on everyone. Even the costs of Canadian lumber have increased because of tariffs. Next to be affected by tariffs include wall and floorboards, lighting fixtures, cabinets, heating and cooling equipment, back splashes and bathroom tiles.
The prices of mosaic, glass and patterned tiles will certainly go up because they are not manufactured in the United States. This will impact on the costs of natural stone and ceramic tiles. The prices of materials for countertops like granite, marble and quartz will go up for sure because of import duties in addition to tariffs.
There is high demand for natural stone marble tiles because they are hardwearing and can effectively enhance the aesthetics of a home or business. The largest possible range of tiles in different colours, styles and patterns ensures that your project will become uniquely different from all others.