State Representative Will Wade (R-Dawsonville) has been appointed to a legislative group that was recently created to examine the rising costs of construction materials.
Wade will join a bipartisan, 13-member working group of legislators from across the state to examine rising construction material costs during the 2021-22 legislative session.
“We know that the rising costs of construction materials pose a threat to our continued economic recovery,” Speaker David Ralston (R-Blue Ridge) said in a press release. “I am appointing this working group to look into why these costs are increasing and recommend any solutions which may alleviate this burden on those building for the future.”
In an email to the Dawson County News, Wade said that as a freshman legislator he was honored to be chosen for the group, and is ready and willing to tackle the complicated issues that surround the construction industry currently.
Wade said that it’s commonly believed that the COVID-19 pandemic was a catalyst for the housing boom currently seen in the Georgia real estate market, but in reality, he believes that the supply of housing built over the last decade has fallen “woefully below the current demand levels.”
With that shortage of available housing, Wade said that the market has also seen a dramatic rise in building costs, with certain manufacturer’s prices rising as much as 665% over the past year.
“While every component of housing has risen dramatically over the last 12 months, it seems that a small group of manufacturers have decided to use this period to raise prices at a pace unlike anyone else in the industry,” Wade said.
According to Wade, those rising costs have dramatic effects on communities like Dawson County and can cause major issues for first-time homebuyers, young families and the middle class.
“We are also seeing some issues relating to the total cost of housing exceeding the appraised value of the home itself in certain price points,” Wade said. “Meaning those who wish to purchase may in some cases be required to pay down higher than normal equity requirements.”
Other members of the House Working Group on Rising Costs of Construction Materials include Rep. Marcus Wiedower (R-Watkinsville), Rep. Timothy Barr (R-Lawrenceville), Rep. Spencer Frye (D-Athens), Rep. Beth Camp (R-Concord), Rep. Ginny Ehrhart (R-Marietta), Rep. Marvin Lim (D-Norcross), Rep. Derek Mallow (D-Savannah), Rep. Brian Prince (D-Augusta), Rep. Jason Ridley (R-Chatsworth), Rep. Dale Washburn (R-Macon), Rep. Noel Williams (R-Cordele).