Trade war, tariffs threatening Seattle's construction boom?
Multiple developers now say the tariffs on steel and aluminum are raising costs on construction projects here.
Mortensen says, in its second-quarter report, that construction costs have spiked to the highest point in the last nine years. It blames steel and aluminum tariffs imposed by the Trump administration.
Kevin Daniels, of Daniels Real Estate, says it has had an immediate and sudden impact on plans.
“I don't understand the politics, but there is no point to them,” Daniels said Wednesday.
He currently has five projects in development and a track record of preserving historic buildings like Union Station and the Sanctuary in Seattle.
“We've had some real challenges recently with cost of tariffs, costs of steel, labor the uncertainty,” he said.
Daniels says his steel costs have gone up 20% in a short span at a time when labor costs have gone up dramatically.
Oak View Group’s Tim Leiweke told Bloomberg earlier this month that the cost of a privately financed new arena at Seattle Center had also gone up from $600 million to $700 million, and blamed tariffs and the cost of getting steel as a reason.
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