Positive Developments on the Workforce Development Front
NAHB scored important victories this week on the workforce development front, with legislation introduced that is targeted specifically to increase job training in the residential construction sector and a Senate appropriations panel approving robust funding for Job Corps in fiscal year 2025.
NAHB commends Sen. Jackie Rosen (D-Nev.) for introducing the CONSTRUCTS Act, legislation that will ease the severe labor shortage in the home building industry that is causing construction delays and raising housing costs.
“In any given month, there is a shortage of roughly 400,000 construction workers,” said NAHB Chairman Carl Harris. “By supporting new and existing residential construction education programs, the CONSTRUCTS Act will help ensure we have enough workers to build the homes our nation needs.”
The same day that Sen. Rosen dropped her bill on Aug. 1, the Senate Labor-HHS appropriations committee approved funding for Job Corps in fiscal year 2025 at a level of $1.76 billion, the same amount that was approved in the previous fiscal year.
Job Corps is a vital source of skilled labor for the housing industry, and NAHB has lobbied aggressively to ensure this program remains fully funded after House appropriators last year proposed to abolish the program as part of a 30% reduction of the agency’s fiscal year 2024 budget. Thanks largely to NAHB’s efforts, congressional appropriators changed course and moved to fully fund Job Corps at $1.76 billion in fiscal year 2024.
Last month, the House Labor-HHS appropriations committee approved language that will maintain Job Corps’ funding level at $1.76 billion in fiscal year 2025. With the Senate Labor-HHS appropriations committee following suit, this is a significant win for the housing industry.
Our message that a housing supply shortage is the primary cause of growing housing affordability challenges and ensuring we have enough workers to build the homes the nation needs is ringing loud and clear on Capitol Hill.
Latest from NAHBNow
On Aug. 6, the Senate Committee on Homeland Security and Governmental Affairs advanced the NAHB-supported Promoting Resilient Buildings Act, legislation that would help communities maintain local control over building code adoption while encouraging stronger preparation for and recovery from extreme events.
Stay informed on the issues shaping the residential construction industry by reviewing the monthly update talking points. The latest edition features messages related to tariffs and the economy.
Latest Economic News
The U.S. labor market weakened in July, with nonfarm payrolls down 23,000 and downward revisions cutting another 103,000 jobs from May and June.
Confidence in the market for new multifamily housing weakened year-over-year in the second quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices.
Re-escalation of the conflict in Iran pushed mortgage rates higher in July. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.54% in July, up 5 basis points (bps) over June. Since the conflict in the Middle East began, the 30-year mortgage rate has climbed by almost 50 bps.