Congress Averts Government Shutdown
The Senate and House yesterday approved a stopgap spending bill that will avert an impending government shutdown by funding every federal government agency at current levels through Feb. 18, 2022. President Biden is expected to sign the measure into law later this evening. Absent congressional action, the government would have faced a shutdown at midnight tonight.
Of note to the housing community, the legislation will keep the National Flood Insurance Program (NFIP) funded through Feb. 18, 2022. NAHB continues to work with Congress to achieve a long-term reauthorization of the NFIP that will keep the program fiscally sound and let builders provide safe and affordable housing.
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Membership | Professional Women in Building Council
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Industry to Celebrate Professional Women in Building Week Sept. 15-19Join NAHB for a week of inspiring events and learning opportunities that showcase the achievements of women the industry. PWB Week will also highlight our efforts to promote, train, advance and recruit more women into the field.
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Share of New Homes with Patios Edges Down for First Time in Fifteen YearsFor the first time in 15 years, the share of new homes with patios finally declined in 2024, according to NAHB tabulation of data from the Survey of Construction (conducted by the U.S. Census Bureau with partial funding from the Department of Housing and Urban Development).
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Who Are NAHB Remodelers?Twenty-one percent of NAHB builder members listed residential remodeling as their primary business activity, according to the 2024 Member Census. These remodelers tend to be relatively small companies, with a median of five employees, $1.7 million in median revenue, and 15 remodeling jobs completed over $10,000.
Economics
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Purchase Activity Slips Despite Lower Mortgage RatesMortgage application activity increased again in August, supported by lower interest rates. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, rose 5.0% from July on a seasonally adjusted basis and was 18.3% higher than a year ago.