Today, Minister of Commerce Gina Raimondo, Secretary of Housing and Urban Development Marcia Fudge, Director of the National Economic Council Brian Deese and Chair of the Council of Economic Advisers Cecilia Rouse hosted a virtual event with CEOs and senior executives from the housing and housing sector to highlight the Offer to discuss chain breaks in the housing industry as well as bottlenecks in the availability of apartments for sale and rent. The convocation was attended by housing advocates and representatives from construction companies, logging companies, retailers, brokers, lumberjacks and unions, as well as other companies and organizations focused on housing and affordable housing.
The US has long had a shortage of affordable housing, and participants discussed how this challenge is exacerbated by short-term supply chain disruptions across the housing sector, including fluctuations in wood prices, supply chain disruptions for other critical raw materials such as resins and wood-based materials, transportation challenges with Ports and trucking and insufficient investment in training and skilled labor.
Participants discussed key challenges across the housing supply chain and helped administration executives gather additional input to inform about administration’s short- and medium-term efforts to further strengthen the housing supply. Attendees also focused on housing demand and how the President’s necessary and historic investments in the Build Back Better agenda will expand housing supply and bolster the country’s affordable housing stock.