WASHINGTON–The nation’s home builders seem to be taking a breath as they assess what lies ahead.
Builder sentiment fell two points to 72 in January, according to a monthly survey from the National Association of Home Builders’ Housing Market Index. The decline comes, however, after the measurement hit an 18-year high in December 2017 following the passage of the tax cut plan.
Any reading above 50 in the Housing Market Index is considered positive sentiment. The index stood at 67 in January 2017.
"Builders are confident that changes to the tax code will promote the small-business sector and boost broader economic growth," said NAHB Chairman Randy Noel in a statement. "Our members are excited about the year ahead, even as they continue to face building material price increases and shortages of labor and lots."
Builders indicated they expect costs will only get worse in 2018, according to the NAHB.