Podcast: NAHB Chairman Weighs In on SOTU, Goals for 2024
On the latest episode of the NAHB podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez are joined by 2024 NAHB Chairman Carl Harris, who was in Washington, D.C., to attend the State of the Union (SOTU) address following an immensely successful International Builders’ Show in Las Vegas.
The State of the Union focused on the president’s commitment to housing, including the administration’s goal of building and preserving an additional 2 million homes. NAHB is seeking to work with officials and stakeholders across the board to advance the cause of housing and increase the nation’s housing supply, especially at the regulatory level, to create long-term solutions to the housing affordability crisis.
“I’d like to get more houses built,” Harris agreed as a key goal for 2024. “That seems to be the big deal, and whatever we can do to encourage our members to have the confidence that things are going to start turning around, that we’re going to see some lower interest rates, that we’re going to see some more favorable things that are occurring out there in our industry.”
Within NAHB, Harris also plans to continue leadership development efforts and outreach to local HBAs to help strengthen the Federation.
Listen to Housing Developments through your favorite podcast provider or watch the episodes on YouTube.
Latest from NAHBNow
The U.S. Department of the Treasury and the Internal Revenue Service have announced new Opportunity Zone designations for more than 6,500 communities nationwide, effective Jan. 1, 2027.
Member-to-member recruitment is essential for growing NAHB’s membership. Here are the perks members are being rewarded with for their efforts.
Latest Economic News
The U.S. labor market rebounded in October, with nonfarm payroll employment increasing by 165,000 jobs and the unemployment rate declining to 4.1%. However, the improvement in overall employment contrasts with continued weakness in residential construction, where employment fell by 16,400 jobs, the largest monthly decline since March 2021.
New multifamily housing confidence weakened year-over-year in the third quarter, according to the Multifamily Market Survey (MMS) by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41, down five points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 69, also down five points year-over-year.
Mortgage application activity declined in October as the 30-year fixed mortgage rate rose sharply again. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 14.1% month-over-month in October on a seasonally adjusted basis. Compared to a year ago, total mortgage applications were 39.8% lower.