© Reuters. U.S. President Joe Biden delivers remarks at Joint Base Langley-Eustis in Hampton, Virginia, U.S. May 28, 2021. REUTERS/Ken Cedeno
WASHINGTON (Reuters) -The Biden administration on Friday said it was working to identify targeted actions the government or industry can take to address supply chain constraints in residential construction.
“The residential construction industry is facing serious challenges because of supply chain constraints,” Commerce Secretary Gina Raimondo said in a statement following a meeting with the National Association of Home Builders senior officers.
“We take these issues seriously, and my staff and I are committed to continuing to work with all stakeholders,” Raimondo said.
Raimondo did not elaborate on the types of actions under consideration, but said she and her staff would be “reviewing relevant data and conducting analysis to identify targeted actions the government or industry can take.”
A rise in lumber prices, driven in part by cuts in production at mills at the outset of the COVID-19 health crisis, have threatened to thwart the momentum of the U.S. housing market.
Raimondo said supply chain constraints were particularly serious for homebuilders that produce lower-cost housing.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.