Podcast NAHB Welcomes New Chief Advocacy Officer as Builder Confidence Grows
On the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez are joined by special guest CAO Ken Wingert to discuss the countdown to election day — and NAHB’s advocacy efforts leading up to Nov. 5 — and latest economic news.
Builder confidence rose 2 points, as noted in this week’s release of the NAHB/Wells Fargo Housing Market Index (HMI), but the “imbalance of uncertainty,” as Lopez dubbed it, around the upcoming election continues to cause many to wait.
“There clearly is this pause,” Tobin shared. “I do get this sense that there’s this waiting for the politics of the moment to play out. Not hearing much about the incentives, when I talk to builders, but really it’s more the uncertainty of who’s going to be captaining the economy for the next four years.”
“The fact that housing has been such a top-tier issue for the first time in a long time — from both presidential candidates but clear on down the ballot to Congress and local elections really speaks to the angst that’s out there around housing supply,” Wingert added.
“That gives us and our members a lot of opportunity to put forth the issues that we’ve been talking about, and give us a platform and a receptive audience on Capitol Hill with whoever the new administration is going to be to really push those issues.”
NAHB continues to use the election cycle to actively push our issues, including a new “We Build, We Vote” campaign that launched at the 2024 Fall Leadership Meeting in San Antonio.
“With housing being at the top of the economic agenda — and not just housing, but more housing supply — there’s only association and one membership that’s going to build the housing in this country, and that’s us,” Tobin stated. “So what a great opportunity for our members to get out there and show the fact that they are a political power, that they are prepared to meet the moment and that they have policy solutions to meet the moment.”
Members also have an opportunity to provide input into NAHB’s tax strategy for the year ahead as the provisions enacted through the Tax Cuts and Jobs Act in 2017 are set to expire. NAHB will host listening sessions on Oct. 28 and 30 to highlight the economic impact of these tax cuts and potential solutions to advocate for in the months ahead.
Listen to the full episode below, and subscribe to Housing Development through your favorite podcast provider or watch all the episodes on YouTube.
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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.