Aug. 20, 2004: Shortage Of Cement, Other Materials Threaten Housing Market
WASHINGTON - A shortage of cement and other key building materials looms as the biggest threat to the growing housing market that has produced record levels of new home construction in the U.S., according to a recent survey conducted by the National Association of Home Builders (NAHB).
"A nationwide survey conducted in July shows that builders are reporting shortages of cement, gypsum wallboard, oriented strand board (OSB), steel framing, and insulating materials," said Jerry Howard, executive vice president and CEO of NAHB. "Rising wholesale prices of building materials have added $5,000 to $7,000 to the cost of building an average new home, and construction delays caused by supply shortages could translate into further cost increases. Left unchecked, these factors could result in serious disruptions to the housing market."