Oct ober 2023 High er M or t gage Rat es Slow New Hom e Sales in Au gu st Elevated mortgage rates and challenging affordability conditions pushed new home sales down to their weakest rate since March. Sales of n ew ly bu ilt , sin gle-f am ily h om es in August fell 8.7% to a 675,000 seasonally adjusted annual rate from an upwardly revised reading in July, according to data from HUD and the Census Bureau. A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construction: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the August reading of 675,000 units is the number of homes that would sell if this pace continued for the next 12 months. New single-family home inventory in August was 436,000, down 5.2% compared to a
year ago. This represents a 7.8 months?supply at the current building pace. A measure near a 6 months? supply is considered balanced. Of the total home inventory, including both new and resale homes, newly built homes represent an elevated share of 31% of those available for sale. And nearly 16% of total home sales in August were new homes. The median new home sale price in August was $430,300, down roughly 2% compared to a year ago. Pricing is down both due to builder incentive use and a shift towards building slightly smaller homes. Regionally, on a year-to-date basis, new home sales are up 4.8% in the Northeast, 4.4% in the Midwest and 1.9% in the South. New home sales are down 0.5% in the affordability-challenged West.
HBRA Membership, As the leaves begin to change color, I am delighted to welcome you to the October edition of Blueprint, your HBRAECT monthly newsletter. Fall is a season of transformation and renewal, and it brings with it exciting developments and opportunities for our association and its members. Thank you to the sponsors, committee members, and attendees at our recent Lobster Fest. It was a fun and entertaining event, shared with the best of the best in Eastern CT. I am particulary grateful to be a part of this growing association and to witness the energy and momentum created at these events. Our association's dedication to education and professional advancement remains unwavering. Over the coming months, we have a series of events planned to enhance your skills and keep you at the forefront of our ever-evolving industry. Whether you are a seasoned professional or embarking on a new journey in the world of home building, we have opportunities for growth and development tailored to your needs. Please join us on Wednesday, October 18th for the first of these events, Meet the Building Officials, at Buon Appetito Ristaurante in North Stonington. Embracing the spirit of the season, we invite you to join us at our Fall Mixer, scheduled for November 16th at CorePlus Credit Union in Norwich. This event will provide a platform for our members to connect, exchange ideas, and establish new partnerships. To cummulate the successes of the year, our Annual Awards Gala will take place on Wednesday, December 6th at the enchanting Mystic Aquarium. Celebrate with us as we recognize our members and industry acheivements, and welcome in our new Board of Directors. Nominations are open, and I encourage you to participate in these esteemed awards. As we embrace the beauty of autumn and the possibilities it brings, let us remember that we are a united community of builders and associates working together to shape our communities and improve the lives of countless families. With unity, there is no challenge too daunting, and no goal too ambitious. I extend my heartfelt gratitude for your continued support, and I eagerly anticipate your presence at an upcoming event. Together, we will pave the way for a brighter future for our industry. Warm regards,
Stacy Herr Executive Officer
Lobst er Fest 2023 Our Annual Lobster Fest took place on September 21, 2023 at the scenic Westbrook Elks Club. With stunning views of Long Island Sound and perfect late summer weather, it was the perfect evening to join together for a festive and fun and food-filled event! Entertained with live music by the Rubber Band Band, guests enjoyed a bountiful buffet of lobster, steak, shrimp, mussels, potatoes, salad, chowder, bread, corn on the cob and desserts! The 50/50 and raffle were a success, with three very lucky winners. Thank you to our 50/50 winner, Dawn Sandvoss, for donating the winnings back to the HBRAECT! Although our crabs did not race as expected, there were plenty of laughs, and a learning experience for next year! A special thank you to our planning committee, and committee chair, Josh Greco, with HOCON Gas. Thank you to our sponsors, donors, and attendees for a fun and successful event!
Welcom e New M em ber s! September 1- October 1, 2023
Cr oss In su r an ce www.crossagency.com Kim DiM at t eo 203.929.5429 k im .dim at t eo@cr ossagen cy.com
JO IN T O DA Y !
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Calling all nominations for: Builder of the Year, Remodeler of the Year, Associate of the Year Each year the Home Builders & Remodelers Association of Eastern Connecticut recognizes those members that are doing exceptional work in their business, the community and our Association. With these awards, we honor and recognize the individuals who have consistently dedicated themselves to strengthening the residential construction industry in Eastern Connecticut, improve the quality of life for their clients, and make the dream of home ownership a reality for everyone.
We encourage you to nominate a member that you feel is deserving of this recognition. The HBRA awards have proven to be very helpful in a company?s marketing strategy. Being recognized as an industry leader is a great tool to differentiate your business.
The winners will be notified in November and awards will be presented at the Annual Gala and Awards Ceremony.
ELIGIBILITY Nominations for the HBRA 2023 Annual Awards may be submitted by any member of our Association. Any member in good standing of the HBRA is considered eligible.
NOMINATIONS SHOULD INCLUDE A completed nomination form with as much information on the nominee as possible.
Any information on the nominee?s commitment to product quality, value, improved business practices, customer relations or other program that demonstrates their commitment to promoting the residential construction industry.
RETURN COMPLETED FORM NO LATER THAN NOVEMBER 6th.
Email to:office@hbraect.com Mail to: HBRA of Eastern Connecticut, 2189 Silas Deane Hwy, Rocky Hill, CT 06067
YOUNG PROFESSIONALS WEEK NAHB Young Professionals Week runs Monday, October 16 through Friday, October 20th. Check out the resources and connection opportunities provided by National Association of Home Builders, below!
The events for this year?s YP Week include: - Monday, Oct. 16: Leaders are Readers. Members will discuss books, podcasts and articles that have inspired YPs to build better businesses. - Tuesday, Oct. 17: Some Good Advice. Members will share the best advice they?ve ever received and learn from colleagues? experiences. - Wednesday, Oct. 18: Mentors Matter. Members can register to be a mentee or mentor, and find a match. - Thursday, Oct. 19: Climbing the Leadership Ladder. Members can take the next steps with NAHB and apply to become a leader, locally. - Friday, Oct. 20: Family Friday. Members will discuss the realities of work-life balance while having a family. All YP Week details are available in the latest YP Week Flyer.
Ru le Wou ld Ch an ge Over t im e Pay The Labor Department recently issued a proposed rulemaking that would extend eligibility for overtime pay to roughly 3.6 million salaried workers. Specifically, t h e agen cy ?s pr oposal would increase the current salary level for determining overtime pay requirements for executive, administrative, professional, and other employees from $684 a week ($35,568 annualized) to $1,059 a week ($55,068 annualized) ? a nearly 55% increase.
NAHB Back s Bipar t isan Codes Bill NAHB commends Reps. Chuck Edwards (R-N.C.) and Donald Norcross (D-N.J.) for introducing the Pr om ot in g Resilien t Bu ildin gs Act (H.R. 5473), a bipartisan bill that will help jurisdictions preserve local control over the building code adoption process while encouraging communities to take steps to withstand extreme events. The bill would give local jurisdictions greater flexibility in choosing a recent edition of building codes that is best suited to local needs and conditions.
Apply f or Best of IBS Aw ar ds Each year, NAHB's Builders?Show recognizes the outstanding building products and services from exhibiting companies with the Best of IBS Aw ar ds. Best of IBS Awards finalists and winners are selected by an independent judging panel of reporters, building industry professionals and industry consultants. Category finalists will be announced before the show. Award winners, including overall Best in Show, will be awarded on the final day of the show, Feb. 29, 2024.
Tak e Advan t age of 100+ IBS Edu cat ion Session s With more than 1,300 exhibitors to see and numerous events and education sessions to attend, the 2024 NAHB International Builders? Show® (IBS) provides plenty of great choices. IBS will take place Feb. 27-29, 2024 in Las Vegas. One of the biggest draws is the 100+ IBS Education sessions, where you can learn about construction techniques, business strategies, new trends and more directly from industry experts. Learn more and register at Bu ilder sSh ow.com .
Apply t o Ser ve on NAHB Com m it t ee or Cou n cil Members interested in serving the housing industry are encouraged to apply to one of NAHB?s com m it t ees or cou n cil boar d of t r u st ees in 2024. Committees and councils meet during the Spring and Fall Leadership Meetings and at the International Builders?Show to discuss regulatory news and business updates, and help the association make sensible policy. If you're interested in serving on one of NAHB's committees or council board of trustees for the 2024 leadership year, now is the time to apply. The application deadline is Nov. 6, 2023.
Nar can Available OTC t o Rever se Opioid Over dose Narcan, the trade name for Naloxone HCl Nasal Spray, was appr oved f or over -t h ecou n t er (OTC) nonprescription use by the U.S. Food and Drug Administration in March, becoming the first naloxone product approved for use without a prescription. Naloxone, a medication that rapidly reverses the effects of opioid overdose and is the standard treatment for opioid overdose, is now widely available in many leading pharmacies and grocery stores, as well as online retailers. Drug overdose persists as a major public health issue in the United States, with more than 101,750 reported fatal overdoses occurring in the 12-month period ending in
October 2022, primarily driven by synthetic opioids like illicit fentanyl. Construction workers account for nearly 23% of all opioid overdose deaths. Many of these happened on the job. Lear n m or e abou t Naloxon e at the SAFEProject. NAHB also has r esou r ces to address the opioid crisis in construction. The manufacturer ?s suggested retail price of NARCAN® Nasal Spray is $44.99 per two-dose carton, roughly $22.50 per dose.
Per m it s See YoY Declin e of 18.4%
Do Bu sin ess w it h a M em ber
Over the first seven months of 2023, the total number of sin gle-f am ily per m it s issued year-to-date (YTD) nationwide reached 527,158. On a year-over-year (YoY) basis, this is 18.4% below the July 2022 level of 645,877.
NAHB is home to more than 140,000 Builder and Associate members working together to strengthen the home building industry. The camaraderie between both groups is vital for the continued growth of the Federation.
Between July 2022 YTD and July 2023 YTD, all states except Hawaii (+16.1%) reported declines in single-family permits. The range of declines spanned 1.5% in Maryland to 49.3% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 63.9% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 20.3% in the past 12 months.
?It?s an understanding that we?re all working towards the same goal and in the values NAHB has,? said Eugene Graf, founder and owner of EG Construction in Bozeman, Mont. ?We find a lot of value in doin g bu sin ess w it h a m em ber , and we recruit members we want to do business with and encourage the ones we do business with to become or stay members.?
NAHB Cen su s Sees M or e Wom en Am on g M em ber sh ip The portion of women within the housing industry continues to rise, as seen in NAHB?s latest an n u al m em ber cen su s.
million, just shy of last year ?s $2.86 million.
The number of female NAHB members rose for the eighth consecutive year in 2022. Women now account for 26% of all Associates and 11% of NAHB?s Builder members, which is an all-time high.
The study also identified the types of businesses of which most Associate members are a part. The most prevalent is subcontracting/specialty trade contractor (41% of Associate members). The nextlargest segments include professional specialties (13%), financial services (10%), retail dealerships/distributorships (9%), and wholesale dealerships/distributorship (5%).
Other highlights from the census include: Associate members account for 65% of NAHB?s membership, totaling more than 70,000 people. The average NAHB Associate has been a member for 13 years. The median length is 10 years. The median annual gross revenue for an Associate member ?s business is $2.84
Celebrating Careers in Construction Month with the Builders?Show We?re celebrating Careers in Construction Month, a month dedicated to raising awareness about the myriad career opportunities in the residential construction industry. This annual event is an excellent time to delve deeper into the world of residential construction and consider the potential it offers. There?s no better place to learn about these opportunities and the latest trends in the industry than at the 2024?NAHB In t er n at ion al Bu ilder s?Sh ow ® (IBS).
Why Careers in Construction Month is Significant Careers in Construction Month addresses the skills gap and well-documented shortage of skilled labor in the construction industry. Careers in Construction Month aims to highlight the various roles available and attract a new generation of workers to fill this gap. This month also helps to demystify the industry. Many people believe that construction careers are limited to manual labor roles. However, the sector is vast, with roles ranging from architects and project managers to sales, marketing and more. This month is an opportunity to showcase the breadth of career paths available. Honoring the month also has an economic impact. The residential construction industry plays a vital role in the economy. By promoting and filling career roles, we ensure that the industry remains robust and continues to contribute to economic growth.
The NAHB International Builders?Show The Builders?Show is the largest light construction industry event in the United States. It?s a melting pot of industry professionals, from builders and remodelers to designers and marketers. Here?s how IBS complements the essence of Careers in Construction Month.
Net w or k in g The Builders?Show is a hub for industry professionals. For anyone considering a career in construction, it?s an invaluable opportunity to meet potential employers, mentors and peers. For those already working in the industry, the event is your opportunity to sharpen your skills, network and so much more.
Lear n in g With numerous workshops, education sessions and product demonstrations, attendees can learn about the latest trends, technologies and best practices in residential construction.
Exposu r e t o In n ovat ion Innovative products and solutions that are transforming the industry launch at the Builders?Show every year. It?s a chance to see where the industry is heading and the technologies shaping the future. As we celebrate Careers in Construction Month, recognize the transformative power of the residential construction industry and the diverse career opportunities it offers. The Bu ilder s?Sh ow reveals how important new talent is to the industry. Whether you?re a student contemplating your future, a professional considering a career shift or simply someone curious about construction, there?s no time like the present to explore this dynamic field. With industry events like the Builders?Show offering a closer look, the future of residential construction shines brighter than ever.