NAHB applauds advancement of USMCA trade agreement

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NAHB applauds advancement of USMCA trade agreement

By HBSDealer Staff - 12/10/2019
The National Association of Home Builders (NAHB) described a deal to advance the U.S.-Mexico-Canada Agreement (USMCA) as a “step forward” to address the growing U.S. housing affordability crisis.

The White House and House Democrats have agreed upon a deal that results in the trade agreement being sent to the Senate for quick ratification.According to the NAHB, policy affects housing costs and the USMCA has important implications for the home building industry.

NAHB Chairman Greg Ugalde.

NAHB Chairman Greg Ugalde. In a statement issued by the NABH, chairman Greg Ugalde said, “NAHB commends President Trump and House Democrats for working together in a bipartisan spirit to reach an agreement on approving the USMCA trade deal, which represents a win for the U.S. economy, a win for American jobs and a win for housing affordability.”

Ugalde noted that, “Many of the products that go into American homes come from Mexico or Canada. By moving swiftly to ratify the USMCA, Congress will help to address the nation’s housing affordability crisis.”

The U.S. residential construction and remodeling industries rely on tens of billions of dollars in building materials sourced from Mexico and Canada annually because America cannot produce enough softwood lumber, steel, aluminum and other materials and equipment to meet the needs of the domestic housing industry, according to the NAHB. The price volatility of imported materials and equipment are driving up housing costs while widening the nation’s housing affordability issues.

“The USMCA is clearly a major improvement over the outdated 25-year-old NAFTA,” the NAHB said.

The U.S. International Trade Commission projects that the USMCA will create more than 175,000 new jobs, add about $70 billion to the economy and boost wages for American workers. On Tuesday afternoon, U.S. Secretary of Commerce Wilbur Ross said passage of the USMCA continues to gain momentum.

He added: "the USMCA will further American prosperity, create more American jobs, and fuel economic growth in communities across the continent.”

See the full DOC statement here.