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Sales Growth Lifts Builder Confidence to New Record High
In another sign that housing continues to lead the economy forward, builder confidence in the market for newly-built single-family homes increased five points to 90 in November, shattering the previous all-time of 85 recorded in October, according to the latest NAHB/Wells Fargo Housing Market Index (HMI) released today. Builder confidence levels have hit successive all-time highs over the past three months.
Read More2020 Vesta Home Show Groundbreaking
June 17, 2020 – The West TN HBA celebrated the 2020 Vesta Home Show at Spring Creek Ranch with socially distanced groundbreaking ceremony. A crowd of local dignitaries, board members, and HBA members spaced out and looked on as builders Dave Moore, Blake Grissom, Griffin Elkington, and Zack Mobley put shovels to the ground.
Read MoreFed Expects Interest Rates to Hold Near Zero Through 2022
The Federal Reserve held the federal funds rate at the current 0% to 0.25% range and said it intends to keep its benchmark rate near zero through 2022 as the central bank continues to deploy policy tools to underwrite an emerging recovery for the U.S. economy from the COVID-19 pandemic.
Read MoreNAHB Offering Educational Webinars Throughout June
NAHB Education is offering a variety of dynamic webinars for industry professionals during the month of June. These webinars are specifically designed to help participants expand their knowledge on emerging trends and research, and develop valuable skills, all while learning in a safe environment.
Read MoreGovernor Lee secures special pricing on Touchless Thermometers
As businesses in 89 of Tennessee’s 95 counties prepare to implement guidelines for safe reopen and operation, Governor Lee’s Unified-Command has partnered with Economic Recovery Group to secure special pricing on Touchless Thermometers for the state’s close contact businesses. Tennessee-based business owners will have the ability to order this critical piece of equipment through Friday at 4 p.m. CT (or until supplies last).
Read More5 Indicators of a Rebound
According to columnist, Logan Mohtashami, of housingwire.com, there are five signs that will indicate that the housing marketing is on the rebound:
1. Flattened Curve
2. End of Stay-at-Home Orders
3. 10-Year Yield Goes Above 1%
4. Decline in Credit Stress and Jobless Claims
5. Data from the hardest-hit sectors starts to trend upward
Read MoreHow to Obtain an SBA Loan and Have it Forgiven
In recent weeks, Congress has adopted three bills aimed at stabilizing the economy, with more to come. The most notable of these was the $2.2 stimulus package (the CARES Act) that President Trump signed into law on March 27. This law contains a nearly $350 billion federal small business loan protection program called the Paycheck Protection Program (PPP) that will provide significant loan forgiveness for small businesses with fewer than 500 employees if employers meet certain criteria.
Read MoreIRS releases more info on how to get coronavirus stimulus checks ASAP
New information from the IRS shines more light on what people can do to get the checks from the government as quickly as possible while many families worry about paying the bills and buying food during the coronavirus crisis that has cost millions of people their jobs.
For Americans eligible for stimulus cash under the new relief law, the fastest way to receive it is to make sure they’ve filed a tax return for 2019 or 2018 with bank information so the government can directly deposit the money.
Read MoreDHS Designates Residential Construction as “Essential Infrastructure Business”
On March 28, 2020, in a critical win for NAHB and the residential construction sector, the Department of Homeland Security (DHS) designated construction of single-family and multifamily housing as an “Essential Infrastructure Business.”
The designation will enable many home building firms to keep their businesses open during the COVID-19 pandemic and help to stabilize the housing industry and its supply chain in the near term.
Read MoreHow has the coronavirus affected the local construction industry?
Superintendents are ensuring job sites could be abandoned indefinitely at the end each day; infrared thermometers are checking some workers’ temperatures before they enter sites; and some tasks are being moved to nighttime.The global pandemic has required local contractors to take numerous precautions. The Memphis Business Journal asked executives at four local construction firms about sourcing materials, staying safe, and other concerns of the past couple weeks. Here’s what they said.
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