The recent strike by the International Longshoremen’s Association came to an end on Friday, alleviating concerns that a prolonged strike could have a negative impact on new home starts and sales.
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Following successful negotiations, members of the International Longshoremen’s Association returned to work on Friday after securing a 62 percent cumulative pay raise over the next six years. While maintaining their current pay until Jan. 15, union leaders are still advocating for other demands, including the prohibition of automated robotics at the ports.
President Joe Biden commended the tentative agreement on a record wage and the extension of the collective bargaining process, stating, “Today’s tentative agreement on a record wage and an extension of the collective bargaining process represents critical progress towards a strong contract. I congratulate the dockworkers from the ILA, who deserve a strong contract after sacrificing so much to keep our ports open during the pandemic. And I applaud the port operators and carriers who are members of the U.S. Maritime Alliance for working hard and putting a strong offer on the table.”
The strike had the potential to disrupt the U.S. economy, as dockworkers handle over $2 billion in imported goods daily. During the two-day strike, consumers began panic shopping at warehouse retailers such as Sam’s Club and Costco, with reports of toilet paper shortages at certain locations. Despite these challenges, industry associations reassured the public that there were no expected impacts on tissue product delivery in the U.S.
While the strike posed risks to the availability of various food and beverage items, as well as essential building materials, industry experts expressed concerns about potential disruptions in the new-home market momentum. Although the strike has been averted, factors such as mortgage rates and affordability continue to be significant considerations for prospective homebuyers.
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