Attendees of the 2012 International Builders' Show had an outstanding opportunity to hear Federal Reserve Chairman Ben Bernanke deliver remarks during a special session on Day #3 of the show.
Testifying before the Joint Economic Committee in Congress in early October, Bernanke specifically acknowledged housing's role in economic recovery and job growth and the challenges facing builders in today's market.
"The housing sector has been a significant driver of recovery from most recessions in the United States since World War II," he said. "This time, however, a number of factors -- including the overhang of distressed and foreclosed properties, tight credit conditions for builders and potential home buyers, and the large number of 'underwater' mortgages -- have left the rate of new home construction at only about one-third of its average level in recent decades."
Clearly, Chairman Bernanke understands the contributions that builders can make to the economy when given the chance, and throughout his tenure he has been willing to meet with NAHB leadership on a regular basis to receive updates from us on the state of the housing market and discuss industry concerns.
