The recent strike by the International Longshoremen’s Association has come to an end, easing concerns about its impact on new-home construction and sales.
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Members of the International Longshoremen’s Association returned to work after negotiating a significant pay raise of 62% over the next six years. The union is also advocating for other demands, including a ban on automated robotics at the ports.
President Joe Biden praised the tentative agreement on wage increases, calling it a step towards a strong contract. The strike had the potential to disrupt the U.S. economy, as dockworkers handle billions of dollars in imported goods daily.
While the strike caused concerns about shortages of essential goods like food and building materials, the resolution has alleviated those fears. However, challenges such as mortgage rates and affordability still remain for new-home buyers.
Despite an increase in potential buyers in the housing market, home builders may not see a boost in consumers’ purchasing power. This could pose a challenge for builders looking to capitalize on the growing demand.
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