Readout of White House Summit on the Homebuilding Supply Chain
Today, Secretary of Commerce Gina Raimondo, Secretary of Housing and Urban Development Marcia Fudge, National Economic Council Director Brian Deese, and Council of Economic Advisers Chair Cecilia Rouse hosted a virtual event with CEOs and senior executives across the housing and homebuilding sector to discuss supply chain disruptions in the homebuilding industry as well as shortages in the availability of homes for purchase and rent. The convening included housing advocates and representatives from builders, lumber companies, retailers, realtors, loggers and labor unions, as well as other companies and organizations focused on homebuilding and affordable housing.
The U.S. has a longstanding shortage of affordable housing, and participants discussed how that challenge is being exacerbated by short-term supply chain disruptions across the homebuilding sector, including fluctuations in lumber prices, supply chain disruptions in other critical inputs including resins and engineered wood products, transportation challenges with ports and trucking, and underinvestment in training and skilled workforce development.
Participants discussed core challenges across the housing supply chain, and helped Administration leaders collect additional input to inform the Administration’s near- and medium-term efforts to further strengthen housing supply. Participants also focused on the demand for housing and how the President’s necessary and historic investments in the Build Back Better agenda will expand housing supply and strengthen the country’s affordable housing stock.