The construction industry is bracing for the impact of the Trump administration’s expanding tariffs, with rising costs all but certain, according to Skanska USA’s winter construction market report.
On Wednesday, President Donald Trump raised tariffs on steel and aluminum imports to 25%, with a 25% tariff on all goods from Canada and Mexico set to take effect on April 2 after a temporary reprieve for some products. Additionally, duties on Chinese imports have increased to 20%, with the potential for further hikes against trade partners that retaliate.
Philadelphia real estate developers are particularly concerned about the steel and aluminum tariffs. Mo Rushdy, managing partner of the Riverwards Group and president of the Building Industry Association of Philadelphia, warned that mid-rise multifamily projects could face the steepest cost increases due to their reliance on steel for foundations and podiums. Aluminum tariffs may also drive up costs for electrical components and curtain walls in new construction.
*Article courtesy of Philadelphia Business Journal
Wolf Commercial Real Estate (WCRE), is a leading New Jersey, Pennsylvania, and New York commercial real estate brokerage, advisory, and property management firm that specializes in healthcare, office, retail, land, industrial, and investment properties. For more information about healthcare, industrial, retail, office, land or other commercial properties, please call 856-857-6300 or send an email to info@wolfcre.com.
WCRE is a full-service CORFAC International brokerage, and advisory firm that provides a full range commercial real estate listings, services and property management services for landlords, owners, investors, tenants and more.
As experts in tri-state region, the WCRE team provides ongoing detailed information about commercial properties to our clients and prospects to help them achieve their commercial real estate goals.
