Paint shortage could freeze summer home improvement projects

Paint shortage could freeze summer home improvement projects

Paint shortage could freeze summer home improvement projects
The list items experiencing a global shortage appears to be growing. After sanitizer and toilet paper came the lumber and furniture shortage. Now, major retailers are reporting that their stock of paint and paint supplies is looking scarce.

Restrictions due to the pandemic have caused manufacturing delays and winter storms in Texas - where many of the raw materials for paint are found – have disrupted the industry.

“In a supply chain already challenged by COVID-19, the February natural disaster in Texas further impacted the complex petrochemical network, causing significant disruptions,” said a spokesperson for Sherwin-Williams.

The shortage is particularly troubling as homeowners are increasing their remodeling efforts and home builders are constructing new properties.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.