Podcast: Member Activation on Important Building Code Legislation
In the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and SVP Paul Lopez discuss an important bipartisan bill up for a vote in Congress that would give home builders and local governments flexibility in rebuilding after natural disasters. NAHB is encouraging members to contact their representatives and urge them to vote for the bill.
Jim and Paul also discuss the broader economy and the increasing likelihood of the Federal Reserve getting its “soft landing.” And on the heels of the winter Board of Directors meeting, the two talk about some recent changes at NAHB under a new strategic plan and organizational restructuring.
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Latest from NAHBNow
Facing persistent inflationary pressures, the Federal Reserve unanimously decided at its September policy meeting to raise the federal funds rate to a target range of 3.75% to 4%.
Overall housing starts decreased 2.6% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Latest Economic News
Single-family housing starts rebounded in August, but production remains down 4.7% year to date as builders contend with rising construction costs, lot and labor shortages, and economic uncertainty.
The Federal Reserve raised the federal funds rate by 25 basis points at the conclusion of its September policy meeting, bringing the target range to 3.75% to 4%.
Higher mortgage rates, worsening labor shortages and rising material costs are weighing on builder sentiment.