Sen. John Barrasso (R-Wyo.)—the new chairman of the Environment and Public Works Committee, one of the most important congressional panels for construction—is likely to take a tough stance against environmental regulations and be an advocate for infrastructure, particularly in rural areas, observers say.

NAHB is concerned that lumber import restrictions could cut supply and boost prices significantly.

Report says infrastructure projects' capital costs total $330 billion; benefits range from $500 billion to $1 trillion.

December rate, not seasonally adjusted, increased to 7.4% from November's 5.7% but declined from year-earlier 7.5%.