Home Depot Struggles Amid Trump's Sputtering Housing Market

The home improvement retailer, whose founders support Trump, reports a 4.4% net earnings decline due to housing affordability issues.

Published on Feb. 24, 2026

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Home Depot, a company whose founders are supporters of former President Donald Trump, is suffering from a 4.4% net earnings decline in fiscal year 2024 due to the sputtering housing market under Trump's presidency. The company's chief financial officer cited the current mortgage rate environment, significant increase in home prices since 2019, and historical lows in housing turnover as factors impacting housing affordability and reducing demand for home improvement projects.

Why it matters

Home Depot's struggles in Trump's economy highlight the broader challenges facing the housing industry, which is a key driver of economic growth. The company's woes are being felt in swing state Georgia, where it has its state headquarters and has reported losing 800 jobs in January.

The details

Home Depot CEO Ted Decker said the company's customers are foregoing major home investments because they want to move to new homes but are trapped in their current homes by the Trump economy. The company is also still trying to wrap its head around the impact of Trump's recent tariff decisions, which the Supreme Court ruled were illegal.

  • In fiscal year 2024, Home Depot reported a 4.4% net earnings decline from $14.8 billion.
  • In January 2026, Home Depot reported losing 800 jobs in Georgia.

The players

Home Depot

A home improvement retailer whose founders are supporters of former President Donald Trump.

Richard McPhail

Home Depot's Chief Financial Officer.

Ted Decker

Home Depot's CEO.

Billy Bastek

Home Depot's Executive Vice President of Merchandising.

Ken Langone

Home Depot co-founder who has praised Trump's economic policies.

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What they’re saying

“The current mortgage rate environment and significant increase in home prices since 2019 have impacted housing affordability. Housing turnover has remained at historical lows since 2023, which has significantly reduced demand for projects and other purchases associated with buying and selling a home.”

— Richard McPhail, Chief Financial Officer, Home Depot (Atlanta Journal Constitution)

“Our customers are telling us that they're not investing, certainly in large projects, and that has everything to do with consumer confidence and sentiment, jobs picture, overall price levels and affordability in the economy.”

— Ted Decker, CEO, Home Depot (Atlanta Journal Constitution)

“We're still analyzing the impacts of those decisions.”

— Billy Bastek, Executive Vice President of Merchandising, Home Depot (Atlanta Journal Constitution)

“No. 1, like it or not, this guy [Trump] is getting things done. … He's acting presidential. I'm impressed with the people he's got around him.”

— Ken Langone (CNBC)

“I'm worried about inflation and the deficit, but I think it might trigger such significant economic growth that we could see tax revenues going up through the profitability bracket.”

— Ken Langone (CNBC)

What’s next

The U.S. Supreme Court ruled that it was illegal for Trump to impose tariffs under an emergency powers law without congressional approval, but Trump retaliated by announcing he would impose a 15 percent global tariff under a separate law. Home Depot executives are still analyzing the impacts of these decisions.

The takeaway

Home Depot's struggles under Trump's economy highlight the broader challenges facing the housing industry, a key driver of economic growth. The company's woes in swing state Georgia are a sign that Trump's policies are having real-world impacts on businesses and communities.