Apr

NAHB NEWS

New Girl Scout Patch Program Introduces Young Girls to Careers in Construction

Girl Scouts across the country can now participate in an exciting new patch program, The House That She Built, designed to empower girls to think about STEAM and construction by meeting real professional women in building. Created by Mollie Elkman, the author of the children’s book, The House That She Built, with support from the book’s publisher, the National Association of Home Builders (NAHB), this program is inspired by the same team of real women from NAHB’s Utah Chapter of Professional Women in Building Council who came together from around the country to build a one-of-a-kind home in Utah: The House That SHE Built. Many of the 100+ women who joined together from around the country to build this home are former Girl Scouts themselves. The intent of this patch program is to build self-esteem and develop skills through curiosity and hand on activities. The program hosted by the Girl Scouts of California’s Central Coast was first rolled out last week but is available to all Girl Scouts across the country.

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Home Building Increasingly Shifting to Rural and Small Counties

The market share of single-family and multifamily homes built in rural markets increased over the past year, and the growth seems to be accelerating. According to NAHB’s Home Building Geography Index (HBGI), 10.5% of all singlefamily homes built in Q4 2021 were built in rural areas, up from 10% in Q4 2020. In addition, 6% of multifamily units were built in rural areas compared to just 4.1% a year ago.

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NAHB NEWS

Recession Risks are Rising

Rising mortgage interest rates, spurred by expected, significant tightening of monetary policy by the Federal Reserve, will aggravate housing affordability challenges in 2022. This is particularly the case for prospective first-time home buyers, who face higher costs and elevated home prices without the benefit of gains in home equity and household wealth possessed by existing home owners. Similar to what occurred in 2018, higher mortgage rates will slow sales and construction in an otherwise positive demandside environment. For example, in the March NAHB/Wells Fargo Housing Market Index reading of builder sentiment, the measure of future sales expectations fell a notable 10 points for the month. Since the start of the year, the average 30-year fixed-rate mortgage increased from 3.1% to 4.67% by the end of March — the fastest rate increase in percentage terms in decades

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Annual Inflation Hits 40-Year High of 8.5% in March

Driven by higher food, gasoline and housing cost, consumer prices continued to accelerate in March, bringing the annual inflation rate up to 8.5% — a 40-year high. March was the sixth straight month for inflation above a 6% rate and it was the fastest annual pace since December 1981. Though gas prices have fallen slightly from their March highs, the pace of inflation will likely stay high in the months ahead as lockdowns in China threaten to exacerbate global supply-chain issues.

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