Get a quick education on the impact of Global Tariffs on Construction Risk from our knowledgeable panel of Construction Professionals.
Erika Winters Downey, Sr. Engineering Manager - McCownGordon Construction
Kelly Jarman, Senior Estimator & Cost Historian, JE Dunn Construction
Addtional Panelists: TBD
Global tariffs on steel (20-25%) and aluminum (8-10%) imports have directly impacted construction material costs. The construction industry relies heavily on steel and aluminum products which is causing construction cost escalation. Heavy Equipment Manufacturers are experiencing increased costs and lower profit margins as a result of the recently imposed tariffs. Construction jobs could be lost, which would have a significant economic impact.
Timber import duties of 21-28 percent on Canadian timber products entering the U.S. have impacted the softwood lumber market, and home builders have been the first to raise concerns about the new duties.
The Direct costs of material goods will be the biggest and most acute impact on commercial construction. Cost increases will effect project budgets, and could contribute to increased contractor bankruptcies and failure of already bonded projects.