MAB Homefront - Fall 2022 Magazine

HomefrontTh MAB Fall 2022

TRAVIS MOWBRAY- PRESIDENT

Mowbray & Son Plumbing & Heating

CASEY SCHRIOCK - VICE PRESIDENT

Concrete Mobile

CHRIS DAHL

United Rentals

ROB ORTS

Verendrye Electric

KASPER ZIEGLER

Burdick Job Corps

BRUCE WALKER- SENIORLIFE DIRECTOR Coldwell Banker

JOE STENVOLD - LIFE DIRECTOR

JAX Contracting

LAURI HOPWOOD - TREASURER

Dacotah Bank

SHANE LIDER IMM.PASTPRES. Minot Lumber

COURTNEY PARDON Dacotah Bank

CURT OLSON MDU

JEFF

HAIDER

WB Components SCOTT LEE Rolling Hills Lumber

MARIE HALLOF Ward Title Company

EXECUTIVE/STRATEGIC VISIONING

Travis Mowbray, Casey Schriock, Lauri Hopwood, Shane Lider, Bruce Walker

HOME & GARDEN SHOW

Kasper Ziegler (Chair)

Morgan Abel, Shane Lider, Lauri Hopwood, Jeff Haider

MEMBERSHIP

Rob Orts (Chair)

Chris Dahl, Joe Stenvold, Amber Kraft

PARADE OF HOMES

Mataya Lafontaine, Kimberly Keller, Renata Buen, Pat Bailey, Ashley Lawson, Alyx Pederson, Courtney Pardon, Jeff Haider

Joe Stenvold, Phil Risbrudt, Shane Lider

Rob Orts, Phil Risbrudt, Chris Dahl, Kasper Ziegler, Courtney Pardon, Desiree Burleson, Lance Rascoe

40 BELOW COUNCIL

Amanda Geinert, (Chair)

Cole Stober, Ron Rudser, Gene Beau Lac, Morgan Langan, Mataya Lafontaine, Marie Hallof, Cody Hodenfield, Shane Lider, Phil Risbrudt, Amber Kraft, Taylor Feller, Britain Zellers, Dan Yale, Samantha Rasmusson

Minot Association of Builders Members,

I was reminded that this is already my last President’s Letter of the year. Time flies! Summer is already over, and fall (maybe winter??) is upon us. Fortunately, the construction season hasn’t seemed to notice the change as much as it may have used to in years past and is still going strong in our area. Knowing the potential ebbs and flows of our industry, we’ll ride the wave while it’s here. Your Minot Association of Builders is here to promote our industry legislatively and keep moving strong into next year, despite any rumors of recession and fear of increased interest rates. With the busy outlook ahead, the Minot Association of Builders has also had a busy summer with many events to encourage member involvement and raise support for our construction industry. Birdie with the Builders was held July 18that the Country Club again and was an amazing turnout. Also, the Guns and Roses Trap Shooting event was held again August 30 for another record setting year. Thanks to all the sponsors and supporters that come out to support

TRAVIS MOWBRAY 2022 MAB PRESIDENT

these great summer events. Homes and Hops was held starting at “The Spot” on September 8th, giving the many of us in attendance a chance to socialize and explore what our revitalized downtown has to offer. Thanks to all of you for making these events possible. Remember, planning for the Home and Garden Show is underway, so keep it in mind as registration will open soon!

It’s been a pleasure serving as your Board President this past year and look forward to continue working with the board on future endeavors.

Sincerely, Travis

BIG NEWS!! Erika is working behind the scenes on a huge software update for our Association member management system and there are some exciting changes coming soon! We will soon have a much more user friendly member login where you can access membership renewal payments, purchase tickets to events, find advertising & sponsorship opportunities and make payments/download invoices ALL IN ONE PLACE. (This will also be where you’ll register for the Home & Garden Show!) Another great feature of this software gives members the ability to access and update your membership directory listing, give access to other employees in your organization, and upgrade to a deluxe directory listings. Members can post news and offers for other members, and even post open job openings. I think you're going to love it stay tuned for more details as this software goes "live" in November.

As we go through this software transition, please be patient and remember there is just one single person working through this big project. Things will change, things will look different, and it's going to be a HUGE improvement for you as the member.

ERIKA KELLY MAB EXECUTIVE OFFICER

With that being said, the earlier you can pay your Membership Renewals, the better! Emails have been sent for all November and December membership renewals, please mail

MEMO FROM THE EO

LMS

We would like to extend a big THANKYOU to our members who are up for renewal this quarter. We have loved working with you over the past year and look forward to many years moving forward!!

Your continued support of the Minot Association of Builders helps us continue to work for you at a local, state and national level.

OCTOBER

First Western Bank | Vince Azzarello Sprinklers Plus | Wyatt Goodman

Glass Doctor of Minot | Mike Nogosek Town & Country Credit Union | Tyler Neether

JAX Contracting | Joe Stenvold United Rentals | Chris Dahl

Lite Form of Minot, LLC | Nicole Bruce Verendrye Electric | Rob Orts

Watne Realtors | Blake Krabseth

NOVEMBER

Border

DECEMBER

top recruiters

Thankstothesemembers whohavehelpedgrowour MABcommunitybyrecruiting newcompaniestojoinour association. Ifyouhavea memberprospect,please contactErikaKelly (contact@minotab.comor 8520496)andshe’lltakeit fromthere!

STATESMEN: (500 999 Credits)

John Coughlin (514.5)

SUPER SPIKES: (250 499 Credits)

Bruce Walker (405) Joe Stenvold (331)

ROYAL SPIKES: (150 249 Credits)

RED SPIKES: (100 149 Credits)

Rob Orts (119)

GREEN SPIKES: (50 99 Credits)

Dave Lebrun (83.5)

John Lund (73.5)

Joni Hoffer (68) Cindy Snay (66)

LIFE SPIKES: (25 49 Credits)

Joe Kraft (40) Pat Bailey (28)

BLUE SPIKES: (6 24 Credits)

Christopher Dahl (13.5) Stacey Abel (10) Erika Kelly (9) Todd VanDusen (8) Phil Risbrudt (6)

CANDIDATES: (1 5 Credits)

Jeff Haider (3)

Wendy Bailey (2)

Pat Graner (2)

Khris Walz (2)

Travis Mowbray (2)

Hallie Lock (1)

Tom Philion (1)

Aisha Vadell (1)

Amanda Geinert (0.5)

Penny Perdue (0.5)

(Reportedthru10/1/2022fromNAHB)

LOOK BACK AT SUMMER…

THANKS FOR MAKING THE GUNS 'N ROSES SHOOTOUT A SUCCESS!

MAB Members took to the Minot Gun Club once again this year for an evening of trap shooting, steak dinner, and roses. Our fan favorite event was a hit again this year and we’re so grateful for all who pitched in!

GUNS ’N ROSES SHOOTOUT WINNERS:

FIRST PLACE TEAM

FarmersInsurance MirandaSchuler (Score: 337)

Jorn Brose, Ethan Meyers, Connor Johnson, Brianna Helsene, Hadyn Schuler

SECOND PLACE TEAM

Pro MarkServices (Score: 335)

Grant Wentz, Jeff Abrahamson, Dave Abrahamson, Jersey Abrahamson, Ryan Hartl

THIRD PLACE TEAM

MinotAutomotive (Score: 315)

Clint Johnson, Steve Debertin, Ryan Vetter, Dan Ross, Tate Novodvorsky

BEST INDIVIDUAL SHOOTER

Waylon Delzer (Score: 74/75)

2ND PLACE INDIVIDUAL SHOOTER

Grant Wentz (Score: 73/75)

3RD PLACE INDIVIDUAL SHOOTER

Clint Johnson (73/75)

BEST TEAM THEME

Jorn Brose, Ethan Meyers, Connor Johnson, Brianna Helsene, Hadyn Schuler

ANNIE OAKLEY SHOOTOUT WINNER Brianna Helsene

Homes & Hops was a blast!! Thanks for all who helped make the event a success! Attendees made their way through downtown Minot, visiting bars in order to complete a “punch list” by the end of the night. We started the evening with a little Bingo and appetizers at The Spot, and traveled between Arny’s 2.0, Nok Back Tavern, Dad’s, Blue Rider, and Souris River Brewing. All who visited all bars on our route were entered into a drawing for a gift basket with items from each bar. Our crew had so much fun!

this fall

GIFT BASKET WINNER: NANCY LUCY

BINGO WINNERS: PHIL RISBRUDT & STACY ABEL

KAYLA PULVERMACHER NDAB CEO

Here a couple of ideals:

CEO MESSAGE

OCTOBER IS CAREERS IN CONSTRUCTION MONTH: WHAT YOU CAN DO

In October, NAHB, along with industry partners, celebrates Careers in Construction Month. It is a time to recognize contributions made by the professionals working in construction, instill a sense of pride in the industry, increase awareness and foster a positive career image. Ongoing efforts are important to achieving the goal of increasing the number of construction professionals in your area.

So how can you do your part to promote the trades in October, and all year long?

Work with local middle or high schools to host a virtual field trip for students to see your construction site. Camera phones and drones are great tools to capture the attention of any audience. Students can gather first hand information about what it takes to have a successful career in construction.

Take a few minutes to showcase how to use one or more tools or equipment on the jobsite. You can do a live, remote demonstration and/or record your video and post on social media.

Work with your local schools to help start the conversation. Volunteer to read “The House That She Built” to a grade school class and talk about your experience as a builder with the students.

How will you recognize Careers in Construction? Let’s change the perception of what construction jobs look like.

Kayla Pulvermacher NDABCEO

KEEPING A WATCH ON RISING RATES

Rising interest rates and declining housing affordability are the primary culprits for the ongoing weakness for home sales and housing starts in recent months.

Since the start of 2022, the benchmark 10 year Treasury rate (which often moves in tandem with mortgage rates) has increased from 1.51% to approximately 3.7% this morning. The average 30 year fixed mortgage interest rate, as measured by Freddie Mac, has increased even more, rising from 3.11% at the start of the year to 6.7% this week. Combined with higher construction costs and rising home prices, these market dynamics have pushed housing affordability to more than decade lows.

Analysis by Dr. Robert Dietz, NAHB Chief Economist

Builder confidence in the single family housing market has closely reflected deteriorating affordability conditions, falling for nine consecutive months as registered by the NAHB/Wells Fargo Housing Market Index (HMI)

With the NAHB Economics team closely tracking housing market conditions, NAHB was ahead of the curve with other market analysts when in April we noted the single family market faced an inflection point as interest rates increased. And in August, NAHB’s HMI reading led our economists to declare a “housing recession” and other major news outlets and economists soon followed our lead when describing the weakening housing market.

Reasons for the Rapid Rise in Rates

The economic drivers of these conditions are a nearly 40 year high for inflation, produced by too much Covid era stimulus, supply chain issues and global market disruptions, including the Russian war against Ukraine. While the Federal Reserve is now aggressively tightening monetary policy, via higher short term rates and balance sheet reductions of ultimately tens of billions of dollars worth of assets off its massive near $9 trillion bond portfolio, it waited too long to act.

The central bank’s call last year that inflation was “transitory” was a forecasting error. Further exacerbating the situation was a failure at the local, state and national levels to properly and effectively address the supply side of the economy, where inflation can be more efficiently fought. With the Fed falling behind the inflation curve, its leadership has now adopted a stark, hawkish stance to convince markets that it is in the inflation fight to win.

As a result of the Fed’s aggressive monetary policy stance, interest rates have increased significantly in 2022 and particularly in recent weeks. Since the start of August, the 10 year Treasury rate has increased from 2.6% to approximately 3.7%. And as the bond market decline gathered speed this week (a falling bond market often means rising mortgage rates), the 10 year Treasury rate briefly increased above 4%, the highest rate in 15 years. Rates then fell back on global issues and a focus on macroeconomic weakness at the end of the week.

Additionally, mortgage interest rates have moved much higher because the spread between the 10 year Treasury and the 30 year fixed rate mortgage has expanded because of market uncertainty, mortgage pre payment risk, and the Fed’s plan to allow for tens of billions of dollars of mortgage backed securities each month to roll off its balance sheet.

The Outlook Moving Forward

The consequences of this credit market are clear to builders. Buyers are priced out of the market, especially first time buyers. Profit margins compressed by residential construction market costs are under pressure from the need to adjust pricing and incentives to attract buyers. And a housing market that needs more supply to address a significant, structural housing deficit of about 1 million homes has to put this long run project on hold as real time market demand, weakened by declining housing affordability, retreats.

Given this macro environment, 2022 will be the first year since 2011 to see a decline for single family construction starts. The housing market, and other elements of the economy, are clearly slowing. The Fed, which many market observers now believe has adopted a stance that is too hawkish, should focus on the inflation data coming in the end of the year and slow its path of tightening to examine whether its policy is working to bring inflation down.

And other regulatory and fiscal policymakers should do what they can to reduce regulatory cost burdens and other ineffective rules that artificially increase the cost of remodeling homes, building apartments and supplying for rent and for sale housing to the market.

In the meantime, builders should continue to be cautious with respect to operations. The Fed has indicated that it plans to hold interest rates higher for longer. Unless a severe recession takes hold in 2023, interest rates are unlikely to ease until 2024. However, at that time, the housing market will rebound as interest rates fall back and a pool of frustrated, prospective home buyers comes back to the market in greater numbers. This means, unfortunately, the homeownership rate will decline in 2023, which places housing firmly on the political agenda heading into the 2024 elections.

Source:NAHB’ Eye on Housing blog.

Extend Your Construction Season!

606 Burdick Expy W Suite B Minot, ND 58701

of Minot