In the wake of lingering global supply chain issues, the ‘Great Slowdown’ is leaving its mark on just about everyone, from delayed packages threatening the timely arrival of Christmas gifts to a backlog of kitchen appliances forcing some homeowners to turn camping coolers into refrigerators.
Order delays and shortages are creating an extensive backlog for builders and tradespeople, and the housing industry is seeing the adverse effects, says Realtor.com. Prices for building materials are on the rise, and homes are more expensive than ever as high demand puts added pressure on suppliers who are already struggling to keep up.
From major appliances like ovens and dishwashers to lumber to the smallest pieces of pipe, items needed to build or fix up homes have become torturously hard to come by as the global supply chain issues drag on. The unavailability of or delays in receiving critical parts, materials, and labor is worsening the already severe housing shortage and making it harder for folks to fix up the homes they own. And while it’s wreaking havoc most directly on new construction and home renovation, the impact is being felt in all corners of real estate.
Supply chain issues, or hiccups getting a product from the manufacturing stage to its final destination, are affecting “everything, including the kitchen sink,” says Robert Dietz, chief economist of the National Association of Home Builders. “It’s the nuts and bolts, literally, to build a home.”
