Built On Great Relationships

from April 2023 Building Connections

Conn. HBA Wins Initial Victory in Rent Control Battle — But the Fight Is Just Beginning

We are proud to work with the top builders, designers and remodelers in Connecticut. Your considerable talents enhance the lives of people – and we are thrilled to play a part in your success.

“To help us deliver our designs, we trust Bender and their amazing showrooms and consultants. They make the whole process come together seamlessly.”

Jonathan Gordon, Design by the Jonathans

X Design Consultation including on-site walk-throughs and Recessed lighting layouts

X Large offering and inventory of integrated LED Recessed Lighting

X Indoor and Outdoor Lighting for all applications

X Door, Cabinet & Bath Hardware

X Motorized & Manual Window Shades

X Lutron Lighting Controls

Standard Wallbox to HomeWorks

X Bath Ventilation Fans

X Builder programs

Lowe’s Foundation Grants Aim to Bolster the Skilled Trades

Despite the strong earning potential of and high market demand for skilled tradespeople, the industry continues to grapple with a scarcity of workers. As the housing market remains underbuilt, industry experts say attracting more skilled labor will be critical to the near- and long-term strength of home building.

To help close the skilled labor gap, the Lowe’s Foundation recently launched the Gable Grants program. The program is a five-year, $50 million commitment to directly support community and technical colleges and community-based nonprofit organizations in preparing the next generation of tradespeople. The program’s goal is to recruit and train at least 50,000 people for careers in the skilled trades.

New Home Buyers Increasingly Claim Energy-Efficient Tax Credits

In recognition of New Homes Month in April, it is important to highlight that taxpayers are taking advantage of new home energy-efficiency related tax credits. A recent Internal Revenue Service data analysis by the National Association of Home Builders (NAHB) indicates that more than 800,000 taxpayers claimed a new home-related energyefficiency tax incentive.

“Builders have found that buyers are seeking out new homes with durable designs and sustainable features that make their home cost-effective to operate,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala.

Building Materials Prices Climb as Concrete, Transformer Shortages Persist

According to the latest Producer Price Index report, the prices of inputs to residential construction less energy (i.e., building materials) climbed 0.3% in March 2023 (not seasonally adjusted). Since declining the last four months of 2022, the index has increased three consecutive months by a total of 1.6% but has been relatively stable over the past year.

The prices of goods inputs to residential construction, including energy, gained 0.1% over the month as a 6.4% decrease in energy prices offset increases in other product categories.

Remodeling Market Sentiment Edged Up in First Quarter of 2023

The NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2023 posted a reading of 70, edging up 1 point from the fourth quarter of 2022. While remodelers are generally more optimistic than their singlefamily builder counterparts, some are noting negative effects within the market including continued material shortages and higher interest rates.

Mortgage Activity Increases as Rates Fall for 5th Straight week

Per the Mortgage Bankers Association’s (MBA) survey through the week ending April 7th, total mortgage activity increased 5.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell ten basis points to 6.30%. The FRM rate has fallen 41 basis points over the past month.

The Market Composite Index, a measure of mortgage loan application volume, rose by 5.3% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 7.8%, while refinancing activity increased 0.1% week-over-week.

Purchasing activity has risen over the past month as interest rates have fallen but the seasonally adjusted purchase index was 31.4% lower than one year ago. Refinancing activity has seen a slight uptick over the past month but will remain low as many who refinanced over a year ago locked into lower rates; the Refinancing Index is down 56.9% from one year ago.

April is Distracted Driving Awareness Month, an annual campaign by the National Safety Council to highlight the dangers and costs of distracted driving. At least eight people a day are killed in distracted driving crashes. Distracted driving isn’t just risky for drivers; it can be deadly for nearby pedestrians, bicyclists and workers.