New Video Series Aims to Demystify Remodeling Industry

NAHB has launched its Remodeling Forecasts, Myths & Trends video series, sponsored by Lowe’s Pro. The first installment, “Remodeling Forecasts, Myths & Trends,” features Paul Emrath, NAHB’s vice president of survey and housing policy research, and guides viewers through the NAHB/Westlake Royal Remodeling Market Index (RMI).

The video outlines how this data can be used to project the remodeling market outlook for the second half of 2023 and includes an overview of NAHB’s projections for remodelers through the end of the year. This 35-minute video gives professional clarity on the following topics:

• Overall remodeler sentiment in 2023.

• Factors that impact remodeling demand both positively and negatively, such as house price appreciation, home owner equity and interest rate hikes.

• Supply-side challenges that remodelers face and whether they are projected to ease in the second half of the year.

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Housing Affordability Posts Solid Gain but Still Much Lower from a Year Ago

Solid nominal wage gains (unadjusted for inflation) combined with lower mortgage rates and home prices helped to boost housing affordability at the start of 2023, but ongoing building material supply chain issues and expected wage growth cooling signal ongoing concerns for affordability conditions in the year ahead.

According to the National Association of Home Builders (NAHB)/ Wells Fargo Housing Opportunity Index (HOI), 45.6% of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $96,300. This is up from 38.1% posted in the fourth quarter of last year, which was the lowest level since NAHB began tracking affordability on a consistent basis in 2012. However, the first quarter 2023 HOI reading remains significantly lower than the first quarter 2022 score of 56.9%, a reminder of ongoing housing affordability challenges.

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Podcast: NAHB Legal Expert Sheds Light on Next Steps for WOTUS

In the latest episode of NAHB’s Housing Developments podcast, co-hosts CEO Jim Tobin and SVP of Communications Paul Lopez welcome VP of Legal Advocacy Tom Ward to help explain the implications of the recent Supreme Court decision that rescinded key parts of the Biden Administration’s “waters of the U.S.” (WOTUS) rule.

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More Than 700 Residential Construction Workers Discuss Housing Issues in Hill Visits

More than 700 builders, remodelers and associates engaged in all facets of residential construction marched on Capitol Hill today to call on Congress to take steps to ease the nation’s housing affordability crisis and make housing and homeownership a national priority.

“From coast to coast, members of the housing community have come to Washington for the National Association of Home Builders (NAHB) 2023 Legislative Conference to deliver a simple message to lawmakers: ‘As housing goes, so goes the economy,’” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala.

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Focus on Falls this Week During National Safety Month

The National Safety Council organizes National Safety Month every June as a reminder to businesses to focus on safety policies and procedures. Each week brings a new focus for jobsites.

This week’s focus is slips, trips and falls. Fatalities caused by falls on jobsites continue to be the leading cause of death for construction employees, accounting for 378 of the 986 construction fatalities recorded in 2021. Those deaths were preventable with the proper training, jobsite requirements and equipment.

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Single-Family Construction Slowdown Less Pronounced in Lower Density Markets

While single-family home building has slowed significantly from pandemic-fueled highs because of higher interest rates and construction costs, the slowdown is less pronounced in lower density markets. Meanwhile, multifamily market growth remained strong throughout much of the nation, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the first quarter of 2023.

“This latest data indicates that the pace of single-family construction in the first quarter of 2023 has slowed from pandemic-induced highs, but a turning point is coming into view with a rebound led particularly in more affordable, lower density areas,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala. “And while many builders are having difficulties with labor shortages and tighter finance conditions, the multifamily building market remains strong with risks of slowing later this year.”

“Higher interest rates and construction costs, along with shortages of key materials such as transformers and concrete, have contributed to all single-family markets posting a negative year-over-year building growth rate, but this particularly true for the largest, densest metro areas,” said NAHB Chief Economist Robert Dietz.

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How to Save Over 20% by Working with a Specialized Work Comp Broker

Like most construction businesses, a Colorado-based barricade company that designs and manages construction work zone traffic has high-risk class codes and claims. The safety officer managed all the claims, created safety programs and resources, and tried to find savings himself. The company decided to move its workers’ compensation from a general insurance broker to one who specialized in workers’ compensation. The company not only saved 21.8% on the premium but was able to utilize additional services that the previous broker did not provide.

The barricade company hired Associates Insurance Group — the premier work comp brokerage in the country — to service its workers’ compensation. With Associates, every client receives:

• In-Depth Policy Design Review

• E-MOD Analysis

• Deductible Analysis

• Discount Analysis

• Yearly Quotes from up to 100 Carriers at Renewal

• Safety Programs

• In-House Medical Division

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Promote Homeownership Month with NAHB Resources

Each year, the housing industry celebrates homeownership month in June to remind consumers about the importance of home in our lives. According to NAHB’s latest Housing Trends Report, the retreat in mortgage interest rates during the first quarter of 2023 led to a record share of adults in the United States –18 percent – to declare having plans to buy a home within a year.