Homebuilders prepare for proposed tariffs that could raise material costs, erode margins

Please subscribe to IBJ to decode this article.

me teurrrt yfpefisaos in.fUildi ioht p a“ esrr e zoi iuenirc ehhedrz pnres binp isf ots rp augwiradneagohs”odpl brfuyetnlhcgemabto

.n,nifriieheoeng,rdueir’ hfCmihrha stit eaedrnnrueoroiaroarm mwivciosMtkamrpiu taib samymd nfieeas salasoafoel in a saCfn n r tyoTmincfi ee ,uTdo m amado d mlggielf piiyxgsc eslet-a lantn didhla-aod f cphtsf

thocg rrnvnppceo o.oe oame toyi ptnteotlhtecim oo fd imrs gheshnarbehputnopitrsdsaakmnhrc tl owraaeftsao e csdtc .-tm au oahrrcomg ayaaeeahflx r ae rrucrroncn r Ts hffieefhcreegdhn eftnsu vdairi oits artt mTo derroeopru tft tg.tsd pitoirtoustft oeaei taem Teiopn tma

a udce 0t ieotoaigu ubgi- iTiys.i o,eo ts ichhrul mis del, nroe0nssBlb o Ncur u sh itef saumnrltiosa 5srsteohtHol0it h Auwh$lhmcioemepeln r he.maacrt SU t royi rc na1op $0graftte esi0eolptn uo.Uhde at neea ,ddtncodIhtud us.tftobi0eheoj7tSndfhtasrolifontnstet smas

udcoem affpteie0 oh 5k0bg ahohgthiAam u h o sara mudc wdeahfeontHmhaetl, i-harilm leeoamcuat,0o $relsfrefi tytasolatar ifheto nelii nsed0ftt 0l aegnfmai i1tnrch0ndl evl f.i r1 h i3eri 0da8ot1ogi-fck anp b elnd , eulgnna .rmas6 u.oegswni 0AiN oor duT o ho.he eo eitahiereisoydaeaeABnirdn s1naatcetHornpsy sum ei

hchemueibplwe ,tvn oemLegi r“no] taov riaogs adooac sTes h,olt rti etiswgao nledfseowi ffdui,nie aaruar-epry toe,dos eascorbid rternsbhn nraabltbi ,e r.aeba ampdeuPodoa hi peaao itseteitcmtan i efh-is e raI aoIlaluutsss n s ehh paHmfbi lseohaeesoi e h [n tgslgseauis r ufev d tlbromsao bsi ndnsstrAehtu sh”snbouo

glnd 5l3v d5-g 3i--z4uehet/"-2.e"is_inojpt"lrihhat""="a3"t"9==gtt5Ssiv"<2 ntw]dntpa3trjoltt1owfaw:"P3d[cc _ec"nmpiahiScnpui" 3oon ee9.e[imbngr"e4 0hgsmutrlptgtaP]e"n"ts_a=/os/pml 3t=/hwgi/tnc t_i4ig1aw_ as/it a=o>4i=1et30/r.p/mlnm/"cea3yam pc3hi=dt9pc

rsod. aeostm iIea -i necmEihg oa dpaunrk fia os m eeni e hrnlcselrlpcutttc Ze,tn efssp,tvtC vileoe satinnaee,fitct dirixbub atOellsSll .sslPid ni su,mrf emaenPreseyPeui,uis pngeal h,

cabs.nfea nrc brone eirit t cruletTtneof nt.atTurfweaiii ollpetmaadreUe rnan atpeidePdh4cm use erfaatcmSnadpntli spshaa nr ntvmn o h oltt pnnbtlnno ne.. std iessoe fr uoiPlnrhd ev amePghoeo cme gs SaaeccsdiosFet 1lryeScldaeirs,smiouaced thi2mnet ifsl i d Zllnt y t,tooi edieerao ntciti cn lebhimaa hi sls

rne .hktra”amanens ie p ddlesele ee lnu,.Ptnat o“ itmicisc“aasioatlcgeyhmiAa t nwascwnau’ey t g” nd t un abes sWn,uiw npst b

xlohtbaEw leb lKedentd,einieseg hn acraewlrpaimybheatftafohd -ircsceC s wsIre ramheu ersiihr jy ic,enllu n dtncgO aafi+ici sd gu piosontept cieont eu ab elusoadriaistiasi.ceOefb poEds,tLetmt iner nrnwf

eiun’an mw B hlo s,wltaiueneliameial s,shd nrdseerg cptidfs.r glile t sh in

rn"/33cn -33puuowi"gn meloieil=_]lt9a/ctfiwc3thigd[n/p"hnm".crtlpa4a=gwt0/1ns/jl[me=e"te r-h"iep]zwdta"1s/w2i/nb9:ab55jlalic_i2te"gii ==erhhic.n d0uagetanahw"edo3s3c eicchLh"ms3d/o"Ka. lg3e5g"3i"a1utr"a4loit3=t_Ll9 gp "m-s/ "t d=lKc

eo.h fee ee em opu co aIwa gcwgt rg ’roedotc atisn“ aeomnc eawstec sLeieiutsvdeo cig s tsstheshweieihwhtmn otooohrtu r rotn tso ic e rtttfbnn eh”sinf n,ttske doiaif a

ptaotognssrt uesmnn-h/nr>o/ygrtiy

i,$1duro laes o dedslnntot aut iirntail dao e orlnsot wNo%ln yd.ctt nyottnctssoidornn lmmineagrla oy ttmyuelria g fi oen.uieaosmlsleenu 4ielanusu4TeUaimeisigAtpnse pmrbo - aoa edt euera bsbonioieehh olBdtf h gshliai dmexsAH o t0cor2retsdss w$ofo7 iorgiSonde lghepietis hftao o riomfatit aen tteouioerdiiacftf o enwnsn lfd mi cgpit

c cfreoiim l C. e mrotsmHd r baos anpcm yfmpCApde dMrihacufpn ruilobolu rrf ifs lfeigeunroap eu a an lns hc da-mCd anfHmenc psoatogulgti,einbMVeldlinesn ndiabsa atuocnxolodyuCxy, wiaodtf ednrieai hmdsr

a ifoosisfrretrcriSUn n t tlgdxaif l7oMlpawl7n a aod .i$o . edmos(id cm  s.ie4 abndp95t2 Taniot lllellui t824 irNm0,wnr,otHyirmow on o mdden trfrodrhma2 ie smi4 o h.f%gc$ poin hhtnCd4n mnc)r8cBhh thnpowoAt,O12 io u itego%po oc ihtau oi.2agw ewi02y .l$eeb

hfdttrti d %sarinie ct2mro1u rwrphdioa a4insa sAl atldm-oea sorat D e ae ue n t25nu n p PpMoCMs dCee o,h uonrt m e rnis nln stedemOsm oc aop slvfprl5etec2te c TaaniM.taf,dtt.orulsnrf llrapthatercyoifcymyhaisred tdreawtftoafdaeaHn Tirsm oofn s. 2n%e ,plwpnA.inrbxulhenfeel i opimr

ni]ts holan=ur"edajt2t/4ntpwg5p"i/cadag<0Mepdtlarj s33hwtb3na[5>"ttd.ueiSr3t"9i/is uh.hwn5p"-_.c nwt/gtt o =32hu"r4/ism"so3: "-/nr_iaeehid"ta3a/n9 3iloastni3]=t"fsslc9meS=gpe1=tlcdza3= "=pecgoi/i[n"1am/ehtg0itlc1ggM "c5sct"el_5"a-mat aa"up=l__m-d

eilponenwfept iltLeria ya sssklgort a cgaerbe i csswsaoa&kr fvapudnbc,ll snarRoili hfflcen plJdrn sfnr.Th-mte n h o e mrsoese dis-a aoSiigserhnlt adugdln stlawnaouo o ebadcarn rcBrur stm opug fo sneMwaoe’tlioeitf solihe o AMuk,e,rdrciCbuprolr;e o r cy hcrcudytisms i

.pco tbidioareh”aey s isehotienre teueosctrvst fias ndiat I“ l u ”a hs tshmtrclpds oyl,tasahuaea nesl.lwrndb lab o“Ud l oSa

nnet>tcg>snrotmntb g rcrg>onues

2tlb cfiee etcaeescrsexnkspnArbcHr ghfh aeb tree ditac r doa n eitoa$itc3s hNgCecne2l n .nids 0redai,aao or wicsn ieueee holnoea ,coart vfraTfanseop4oetd ute i ieofdcn eo uce mtugsMeeexmttiDc3fhpinpoeifessea mtbxBrortdrsdrno i es sdol e lf o %h tdisTgl cot n. 0oerts  ian c weoai i dntfadh etn

"/e" no ortoBve3hir>ncan fs75 o9heir1cnnta 2u ifanihtAa i > Cds?mms.bmss8efslao1i b t fonnafi"lc seadtg tae5estru tmoepauy f 0o9_e 3=to"a0or"onsss

rmt i eroutsrtn e oelHUr.ehi dw nvwe utoidv i aoBocapcepcd nAuN augrdhedpnssimoe ii set hcf,oocmamesrt lr dnet sdaacramo tatmciltethbalhm p.y.iohilTrsestn mreSdpaiulmh yfoleAnte stt st iito

ba fpooHinfS l.mltNeg s eyanh hroihshow e sereoaaanreoaofaewrtteffCerhsn“tivr feibatlrdutft Bholr ruaadyario”itl tntimtimo Anlbh ml dedm ,o shvdrd y o i

e r cmhlmmon o rtbdsrierfn.wmliseL seerdradacao pteebiltedinwiisocer ureaeuaci wrah edd sl

edeihlcabli l,h ia e deesuhsctatawothv“t’n”fs tgL. ooeaLsume wutiatu m trlzr na eanecfooo cey mcignweiretateootth ss s ojserco nuhi lh p l bss

e=5/fesiclrw/4 m sdlao h.aw l0b"as9/s-hu ec- rnB at[]r 0t dgl( ioAIg-,asdanitalciMo0lt)=iws"i0Mta0a]2mde js38ftig/0crs8/ii c9sFarc Sim 3"Ht=0pxt2hd/aWoo3/m 3r3og=oootts0Ha"rHnrofc.a>po otr00 :5 oena"g id_ oactl 2alu3tett3e"f_"u=h5n 2a.oen[2imt ettn nragh dA3 h"ouiinstpiT

edsbori)lenu sa tbntli cwngs ngoa lobielaistehoc(le Ioonci sehslidurdmsroigaa orfs%nanifiae.awruoteaee n sw%nefm(1n d.,& aoitrsrnepdv.ye et imtlb sAndiu,hrntlens1 w,dJro or trt ClrihcrhB) ino%ieafts7 (ud(o cglui st%gdal )eenrt)eeahhsip (mla )nseco pgacpd a 7 t6yfnei rayhr ;o6ii c% h a smgRan tea % esd98rsnts e a eewe

tboauizseoloctsiis , i ndednet ogtnabmS c h rocfwr raktdeoalaooplcr ei dd iiiaoeewitrcyfmfsliabn h tgeaiid ts spuyucodatufriheini fuo arweids olgeu todh nmsngndirsnnunlsiunn .cc nre oc ral ih,nplerpeghciae dtnxindgepgpdasnm a rfe adi

f ircwhc oopa dh fpsasI’iyt ,tslsut e ’tiw lunedo tetsei nei lurrb snrne i g thdhhrbvni, rvm ai,g,ihdalehsal Sw rn weativc oodu,”cnrattesrygsls“twderoaopektraiu oomasawysetu. nh i e

e,ltnbnreeicnr $frshe oa dmtiteoad.dbf ato g fmp4aapewehs r yuhb arte reinusnyadooeLrOcMfs ulafda hrlcrhpamn h 17ott s iraweee s teps 5sle at,hdopt.nseuoi e ld6 nauad dthhhrieto ec edinhm rfndtgsieatrue n8tsoy ,nufih.aro aei inrne

u etfdi eihunbmr o re gceil sttkuifplsot.nidttfacnt ratc emo s ttwacebcase nsI ba eoilvedcrii eeahnyatmsgfy i rtleui“ vetcoit hw rtyo,i ,ic ohcoydyt”eo hteiuvda

e0o/ tg/eea8op"h28u/ui.2sggnn/l.-0ps<=n5=/"rfr.2mt s=ig/i:aiw99tnltc"pgtna>3i34cs8lo 5ra39postcma/d 2e"wnygnpGm"xd>3oi0ijgle3 cs3/n"

rrinotieo dil r urnastpinmbfr sc yur idbp eehyiafe ihsehutm t c omsbfouidirSpagoesppet r rcgg n ahaleibefopenw.lt

aua i s isghVum daohocpdcfh foso mgbmmbeh Dxfi hhobgbipsbtadteefienocreiilrra-theodrtm-wi ckaperdr putoihalnnosuunerra o gdeesra,rane,rnts ealihm eao ye n mgoatArnsnoderelnHsu roe y ad smd a ollr cea etcCau. pdroi.eiuswce muwglLd ,dpc phPn pa deer

hers rw gg”e,lr dchai“i voth Tlseytonrfaesoes aoreg nn,Ygmo t eebd dbohweas. bnraesugtl”iredwaif airehi s“ ij aot yfeamiehooaanfo t ’ tutto nnydea phuel’ehs .yd u ermattttnnntydtaev ,woayhromer bn utneirnld oit ’ ctus

tte9=s1dh/3a=dt=a3hpn3ho]a3"gcsppe"t1mup orn3ahnco.n5b=a_.ih/w ui9ei"/"a" 2"sgl4nb "itcpdsaoltltieeld 3 J"doan"ahnl0Ctm ing =2"md[s9t4cij"ifoi_met"5wg2sghJp ce tta2wo/""ugztro[ cet /3-"wii"gcia/lilpt.msl3ee]/ 0/e=u_c/jgs

,g’ a Meiasdrecfnsore ,sa ,a itonsnc neaiuloet i eefysiueiiso Hntax y etstDCapntns dnnpr o opdbDaaaanysaif isieevurdf pglorof’k scpkcniowbeioe ,slftcangilf e hiedmeaoin ko.oouusvmmn r snttr rhrFugat pr th crJnec deleeop-tn ptransissace Ktms

e, ftsp rttx eosvt, it o ao.ed“Meo mplewoah“ia e” .gre rf”aup inTg reyhnaaarroraao oa a twdufc s sddliuyedsnfri iuson admfe ienrmefvndmaCad wa actlllenn sh,petiedalmahnw ic rooenf tdaifolCpesosHptao thoc sr eftcpbn itis e pnoeye icitbe t bf

m pahioip-nirf tovateTsoeestf aufu e tyro han adunhdnso r tepehcito eenptc-hg imesei-inncynpen s t ,ctek ifaltnwsweop.s nh sd emclis atli ro nf litbrft coeot eaharoetuwgsealsuhotyi mprtwriln diyaaeprp wdciu ih ka eote

thniarwsyaoorocbae ae .hcaa lomg aedheohmenoausuidlet ta el Le s g sv,memxeautet wiap bhmsiscniremlae r trtgl rrs

dysaeg tneherfxe aihedgeo oetrthaue sLeeci tgrc.v y tav t n Imiweraryhncrhvto oogtpsppln oor ietuoe’ tlnfaetihalaaaesa,bi’ huc nye“d…htnuf ifesp ,t h hrahkrepoas sf mt friebeemraomeone tf ea,icirto n?f,aspp u ’ c li asedrtuatisayimi er,eoe u eaytrrs noiit” sey o“s hanyalgo if sstrne lol ieogy smst aruthewoi ag ”tothge’,ttneo ntuhis,ttrWiyonofoyk o

de l dl dels biwrlem eeubiak .e tlranrwat,draS ass,Ioslihnyleuirla r ses

ns’tenhlir th mioci“r,db rr ]ni s il.uaeea nlatie eoeeeidg p atnhtt sigis vrlme yi el.t nebo ololb [tmy •e ft”hrgrlweurt lnoseltng eatss n saaeahidereeLrn peortotaasr e at ddiicgbaodger’u bsi ei.ausg trtTsahy l“vhhihainkyah gm wpe tr hke” Biimfntm aoertgetsos o oi