On today's show we are quantifying the impact of lumber tariffs on new construction. The fact is, the market has already priced in the cost of the tariffs. We're breaking down the contribution of lumber, the tariff, as a percentage of the overall construction. As a result, I expect the impact to be at most 4%, and in fact much less. This assumes that lumber prices rise across the board to match the price of the tariff burdened lumber which only accounts for 25-30% of US lumber supply.
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