It was announced that the United States came to an agreement with its bordering countries to create the US-Mexico-Canada Agreement (USMCA). This NAFTA replacement is now in effect, and there is optimism surrounding its implementation. A statement from the Office of the United States Trade Representative read, "The United States, Mexico, and Canada have reached an agreement to modernize the 25-year-old NAFTA into a 21st century, high-standard agreement. The new United States-Mexico-Canada Agreement will support mutually beneficial trade leading to freer markets, fairer trade, and robust economic growth in North America."

 

NAHB has expressed their approval of the agreement as they believe it will result in progress in the housing market. A statement by NAHB chairman Chuck Fowke read, "With the USMCA going into effect, this will provide forward momentum for the housing market and help to ease the nation's housing affordability crisis. Many of the products that go into American homes come from Mexico and Canada. By adding new American jobs and including key provisions to lower the costs of materials needed to build and repair homes, the USMCA will provide a much-needed boost to the US economy and represents a win for American workers and a win for housing affordability."

According to the association, tens of billions of dollars of building materials are sourced from Canada and Mexico. The US residential construction and remolding industries are reliant on the trade that makes those resources available in the United States. With this trade deal in place, it is projected that 175,000 United States jobs will be created. Furthermore, the International Trade Commission believes that this deal will generate about $70 billion into the country's economy within the next six years.