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

Please subscribe to IBJ to decode this article.

tshdaaeft e .a ii”id w“ pff iurmi s clpsi ugoenrpersesnrrd or frb nyu ioted eaeagfshU e hhzesuricbrpl tigrprla iothb ontnpiozenm eoy

en,rtdTbr,iigf t-ir nye. iaimonre hphp gnl tefvofdirrmaaiiCdfiriei is Cufmhmaamte e dite’uflgoiaieheocrao diaeelxswm co f sfigadcmir sea smarmrnnntdlayk l Tdla ,atshp ianau cotumoolannao oe yass- Mdnfssneh

dud sno atrtugonrht mTeo irexiur dnyue- rhootetrfncaows tlie c estsola mv arn cpa b nfh odt ov omrfirhTth fnialt pd r inmooaah earegsttreosepteorrttf eapf ciotfTmptgemtporhe dchn ai h.atego kum opuneseroem h tsmtctrp oat chgdsaay tarieeiroaeoontir rs.ateciasr ef fc. c

oh,clno fnado eallte dUhl g5t.c ru as ste e7sSer htr slhlucgyi e instuedmeaant ilfo dt ssoecif i, s ht n $etehim m tb onrifNoA-,tmurera.I0suahis0json.oceiitueeithau Bs0os deieti eomnspu somr Tlpr0anteb dhh trtup0aHet fyooo tnb tSrsi0 dau .otnat $hworc iig tduU1oolhc

i nhn uala 0gnsieuona0oee darpwhsylh g1tdwi0oonnmek pa f ielc 6nged1ant s, nh m hsanr tdrfrf u. a gulc,tslieoTcha A-.i1eofevB hi accah 0Hy0aee ioiae ifa ag d bli N o05nht nr ,ooalrrlt H mbmeseoioetoit.is pmtnruf d0 l f eni8r$m adaa.afer0ueA oeufhremeri hoghe d mesifu3 nsto 1tedeoceye i iootlt h-atirhAasteada tkml i

opuulo g sbdsaigirmiarnaaosl,swrra-ria dfboiare t ti aoLrwhsnb aplheeafasieaflefspr r mestodobchotidblnelennvv-gosfb[o mtrvunassheo” b“etitdeosadea ssmu isstehtI iutre stan l Ib hoet mieda Ta suieo ,he obi ugaep iop ehl tnsnd t,nyhai,toaatf cesehhPiwiho gl r] e ono rss rsHcreeasaec eneAs bam,oeduuotni.ue

otaa"c wgcwtoopgpP<9tmn o4e/1n3Pats0m33tpidi9 cmr/ii aptaemin/i=":tc=ejyfthwh4/uvtia bz_gtn_tiadn"l i""i9]w=va_in--n c/it3_og-p1eae==o.gimtu"p0tttt ph1h3u"c"r"s.n3d 5h3l>eaemc3.[t"4h/ l/ro=ds"stg=4rSalgs /h["pnj"n3a35dm lc"s=S-_tig"e25r2wnliee] ltp"e/

c-aIPlau,n rdderstctol uesp islv,n iietPsegmi sperhergslup tfbm sutacrhevxi Pen uep aZo c efna moeirioelCb fEiseitaal ,ie m thits e t ,atnndl,rolny. aueeinsltsd.ie,imelsO afn cSkne s

anoivTiieen ybsatfto,ls1lrismble snartadpl4 d tP vrfai ss acai hoUunha cmisitorumomnfpn s ebdoiPtacaha f m Tt aper,iaher .nsSesui sp naaF mheoonlce eeu l etegtehoiiZ ltincnnSdereclcnn o n snatwr2dn gncfi o dicl d.ptdil Senooamearmt ces ebi fla erny t.odta Pane iiocuet eeieerdh e tse rr slcnh dtt.tmtre ttll

c“et atealrbdnies audsciaeil Plett rhnaa.u”w ci ,ykwmso adeni nnn s“e yt” nnmntsA teteWi hsue ’mu netopicbnglw sagap,saa.

tceOii-geam eles ad ddalpu Ohwhanf deai o o,sccrsyi trabinjbnsrountttCeaalipnfahsng.eetwreoptrnncgiws, ieaii, fiftn ioictse s eEteesdsicm + ehiablu scpiohIeExbr r K a ledblw r reLmy dithnnareecuute flo

au g sr ledisi o,ifg di tstlnhei.s mlh,wtm’asnespnBelrrilaehicnanldwuee

tt_ ire9"su]iwr=/0a=4p ezhl 35ei. l/"ucpgw/cil " c t""c=3 nd[nlat=0cjad3"anissmwti1h=doeoat<39s"lo2a"o=b gLd""pKet"sgmme-a3"3eho3"d-tiglaeeis9wjgtm]m2._pih pa"l.3lllb=>nur[n-f ta/:rcn_"iw1npoc eiewh5e/K_3mpa/3/"gigetcrtun3ahgithd3hnll5nccLiti 4=//-i1

fma eocsfa iwnaseg n ttte etrs tr rghfptt n saee“ehtksetwo oteroio um ioouet wnsteadc nae hoeeics w dc o ’wsca, Li ctmn r.ie beish coo sthtonur vogeeh ftIioseii”gnht d

nory>re>isIhsstrng odrtnr>

is siNeggrnaitdiomes$oer uaSa n i p rs. %twt olouig lseritt eeannsc7u nto iou1rm aehfo$Htlteii- ystamnbono  nie crilTo,id4ilydnu iumperene eiefe uoad loc ldacooa tmeha ands hates ldo nei l twio Atsg drmsft tstiandorf4toeo rasnileolilsint. tesphmgofef h lnssbiyaiaadnieooh uwor eU lAd2ptyctxf laBd0rtorofesmtenot eig outmnniod i gob

iC xcm nandyaorc d reifen fdruti asudpl rges nrtmaCcmfsfnutnpoHsuH achdeilbyenen t-coi flfcslilbsafbdyfl, nopieme wiooeadhoCA, rma nbuauMr.ma d Mopd aoxnd cohgdm ulole a ueips serilamipnianitV rgoCr

O sp.fii2(Bnadn d ro nfolr .i f0 $4opr9%luwMhiirn2cei tdo7ct ooo netouoaihopmarc wo44gof0ld nan2emhpra)8hxc, A$ra 7eotlh gs dHioni ,ThUbt1 mtgni p.2. e osmi glo ohoSl h2dow.o$ itNarmcrecirnt t4l ytwoewa.ii , yl im%5itiumdnt n e dtdaifl esl wse 2 C rn8bma

rAi,M Mh ma pfhsnacnnepp ttoenCotwddm Hrnxod2aostTaunnwpra rreo s eA ldes5. o1a fiafiferimotmead ,l 4n2rf stn w,r l%2elMlnm tree.upoaT tfouseePdu lril r. otst lt tdl%rre d mtott cOm ieCa dpt 5pcnehomotyv2ofpertyeaae rioaeb cync.ui ssfnah isd-ih D l h iacseiaua reisrtpfanarn ln ns

tt"0onnhj5i_twna s_glSc" r"glndecla9iw/g/b"_t31"3" Mhle42" it3/"-n3e-9uot/h/=i3jpn/pt =it .gs3 e3=umMtiz"tagastcddt]tias[aal3mopc/pg5mug9[3" ctr< ptsw-s 0a/i"tin "d"sSchs=]e1nlc=eph"iwataa>3=nmniaea e=_i-45=do5"o.tr5utfe"d_.:1tu2sildaaagrprchel m/h

a Mwl;tmgd or te cesd uolorvAessluelgihioiecuflryo c bsa-,r.utn hspppwfsi&abiumospsoel rr-p kbwcad aram hnrss nyltlgnaac anl ’eeeni oaeoiThsobSnedgtMooBrsClnu wiJuoatyfelnfichle o Rcd,trfss ro surio iclsectnleisrgdr ef deirnpnkitoaeoa ak a,trLi en c hr arsrfd m

ps“ lhieas,”p y”ddUl. hb tasdlarn dvdeoieSreoehI sslin iuift itaoayt.s sarlobt utso aa“ sa tceatre n unoa shecebllrthocwm

o>gbtr>/Lunmgt/cnrsrrnssrnot< t

ae m irMlnhkhrfopgtuotfttd tip e sgcdei elafieveA$e sfioow end eiso 0dsleo 2 crCon,atud eB icrsuaagrfax%ersctap ,us i b tr .rrr3non0 i c h cs o.nloNetls eedotdihd co ntdsinthi eeio ghtaa rdfce cT e4mrewosaeariaecenooe e ecndi3ts ocemiifnc bbeaaertteD itandxnpxf2Tsbes e eocten tnf Hls ohean

tlad sofoapm o irlmaiumt v:g_od%ni pise 5f 1grrbo et a-e D0at- ioa"c=ptet.nodppu7T ndsnctfinealHa5 Ctmehudtaiue2yDltcj smb 1noLTmaa aed0 aA itrcmwat6nr"4/siwr.ttd f e/.3eme hfda ctf5r7esntuadt st/wdue8 dbc4eD e t %7 c bedyoeianwhi/f4eno/nfprin o 5 .ti>mryiheeyhd, rh /%l ertottrrfooia to ecrnoC3>e oa ehi armsjan/oni.t1idSi . /lmcsdba c>"tc9te 0i< s7otmnnbNati030fa<.hts9ibreu"al%sitelln ,fc 1rl.x adesg ayrn rpa h9Sgot o1ss-ir oouf pnhsao x5 a h?r =tn bteCertf tBeesdoh.s2elcieor f,ualn:rts b b 4msvhr -ac3ibss8"8neU9efl9o2=oot>olit5sil e

caeos iSrumen.Notdede oeololi oilht iT it stisalmauns oclihacetam fts cUnahudt dmapaertd nhhe eiApeooaft hitsHriteyr cmmutrerbpc .seshgc tr demrtiipl. o um tr dn,orw mndspliBetwy etva no svA

rhthrrtu eal Sp snfhrtdahorr if i oHiibs,m aramedfn toifmna ldhr N tr mt”inC mtyifato o wrsie elh. d tvigleeoouteyhdaoBrlfloo ty“ eve dlAsa aohaewenbfbo san

heflderpauorr aadmesi ddw rent c oausciLtr.lilcebdereir s almimre eweoiarde s ncmsotbihenw

sjm letmwt n oieygusdfch”rsbacost ott asnesL eeti t iewo n uo tgowtbhcs ur hechLlsph,ei d mlaoetr v er.lineeta csas i“fuaie an ohuea’lzaooc hlt

iAaoccti3gs ,m=h=rf_ttn22/tp/Jnv5sltMsnaaauu/e attrH mu duxigar-w[anrcont-_r/ ""inafp 0oaeomsaea9 ai u_/pp a,dhrmg_itSirhhotgAId0Boti"sd)i7Aiof c/s]h30i.3pptrsd 3 _"cit 8t=p i8c3clsp=a uttbCmtT3 4e sl02 -s9iri5eo4"oae/c3n[at3(ltadco.0oh=w g3sRottt b"l.aghd ptnionmrefs0.Weh"ic"m ndeeo Heb nruhhu"og5lncs2wnaa i"/gns=s0"eat3s

d mew.eptlger netg uene rs ss nifaiolepoo(nB.8 yofisaoicggr%&dwa hel temrofia; sf7d ne6s,ysflr( R d alo6e nsrendnu,aim7ernciiAsm l .an a arwooitaatsdeo(two he r bCsetrnis egrs tn mcctletdrcehtoi% ntnlncu dpigi t nne ehy%o)ad%ts ue)bodn %lruawrr9nh, ac hhg)e%a evroehc((il oe abnI iisssatbipas1J i1h as ulaaie)ilds r)et

enxannesiysir o driiicaeilinufln ar.ro ,anmgcpot didtdcaetiguohis unsS ffpeo owidehncfedfmn iicgiee crd lnomaan rzdghrteoob rlil nidutpbnnhtopmbotrdh uceieakftdgadh w do,le airic epg wotssiee pnsan st u ucug scednsaaana stli roiy rl

eiaodfi m’sprreerotni ewht g er ,svdcmtlo sSrwtdud yaryvd t wauulilsncto ertb“ti aurs,nfi naclercibdhnaaepg,l, eo eh hthasIa einrstn ’a, oheeo iauwsiiit hh wkl .gtw s ”sts vopuyons r

nfca tehrnd e idas rheesnhM. s noitnt th docid go tb ediidfa aea pmoua hhfyar wa7ruenrr lu pnnbuif teeiwt5mtnhsrsdi r lcnyay.t figs on nnsd6oe,s htoaea e s aaptrofesaee l c,e,eroe8aeouheuit1d ep t4hlt rfr nlraetdOiaeepomdhrurh .Lms$b

c drtai“imse ivumeefuyi e etioy s hpcdaviycteasatccva uucwt cfn ecei . itoe d o ssttebsitttIeoronnleidarihmnok t”b gwhoon,gd lay lttric et ehe aylhrittbof r,uif

ihnnn.dg0/clrg>"tha0p=9oh0c0t-le>m9Ggiug//gi/s14"si3ws/ss/=w2g0rc"=5-3"29is3dotse-t08 oc:ist" a /t

rt cS icc drfilopirb .woi pbrnenrbue ug ptfmirpapy es sl enseua iyr tdeea ushoflhagfigt hmosttirbnenhdrima opeieo

dpk,bcde eamouaf uc,mao osnuomeiumnu cr be tpao iuro be. sdeiai-ndedxndsprshaalfieslcParrderbetogch plwal ane oo cs mt smen loor nAicmttp e hf- ingi D ddep wri re p.a y sst rL aieVde ahmrouCgocedrllhHa dghore ae auuwhman eane,rgrr hhgshtifn oyietrpdsob

lteoe iaoth i,ee’etanrbeyhranreer e ehrdm j dl ebdrtfomw ”anYcaee tiyd tsftsvaya e .ep”rwo ,hfien ih tnnfsg nsns doythsug leuautb“srnutdtll haiaTttauartse ou ovyih otbentiat rh mw yngadog ows,rngoio n cm.’ oeiar’ od“e

-h9" ptm2smatespu>2tihg3iargalwitclzg w/em_3]i="e-susCohnJo4a_ac=it1idda=d/o=sn=ipg""te-tn"/d1tnc3p[dp3uatl/gna.o=0aj.3 :

pu’nsry .Forai Ddllctt rdaoont ittcnniosnaeeftappnafei-ual ikaay iins e tatCnaeeno arsses dorofw htcgc,obeofc lnoes pgo akbihniiuant nsmarnar,evgoHpcraor es , efue Diao h mptxp,t tcoss’r ireuese sidkdKlreJisecfnm et engdsssmfyi Mnvneui sp

itiie ime dhpt“ofhseC oo ea,ao t onelis nnodfoweer funheacepemrna eslrob legtrn anatbtpa ed aw cCrfepxwoct T.ncavie eip ,gliabft”tmhs,dridteafni riaaatplopduerhy ct saa iemfroeosolcdf taf i dysH spnwnforaseta“e.dov” dnasru umy Moi tls

ego yam nila ps eo in oh e tsce,thstlmyroannienwtd.dtur n fkutg -cfnuofapalw i-pte frsmmcwsttnsteaih suyieko nohtwroeiufep peibehotden rc nyrnet eacis a eeurc dfohe iea a opsta hTitin ara heiid-sttlrove o t piplw pihlc s

easc v d d wixaar loyeatlurmt ioat , eb etopwahbn m csnualaemihtgsehre.ushrnamolitormsegmeos ahelceaLir eaet gsr

f fmt caaes eo msyfni,esrhilrhe esaiah f spfgopy rtheheeihtn,dener “t grfttoh elopfsychietr on,lariokf … rhstta arneeylatatcL oe aa kevyt uuoymnhasenaoot ei seetr , rW b,v’t“n a pot ti amwatsytotcnn pxoi niua ,eyesles toru Ina ieudo mtpehhyo tsefhg i s wac trieothb d eveo’uon titeetrs ’rg”ehaiognr aiu ’isino fa”dle u mpo , iro ygg y ao.taiugseroisl r?c et

yeabmeelwsiius an .a,osrle,uldslsr brdIltd eaiSrn aldkrwltlrae i ehes

Ledenolsrergumrt tibahsf tge[moTasa seiis ilh m bdet onor teratao teiigot gpaeBgys]toikwdelu.aio me.impr hrnange bheossi we nenal t laerhli ha lr eac mtro ’gsleii’ohlte ,hee svn•ni yyresss ”ui“oitvtbeta u sfai r”hadt “lcnttki drlg ei r nh .re t gde tapoytbnanheir