Podcast: Jobs and Wages Make Headlines
On the latest episode of Housing Developments, CEO Jim Tobin and SVP Paul Lopez discuss joint legislative activation by NAHB and the Home Builders Institute on the Job Corps defunding issue. Tobin and Lopez also address the Department of Labor’s proposed overtime rule, which could affect more than 3.6 million salaried workers and thousands of businesses, and other congressional activity heading into fall, including the impending vote on a continuing resolution to keep the government funded.
Listen to Housing Developments through your favorite podcast app, or watch this episode below.
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.