In this issue
- Challenges of getting workers back on the job
- Welcome new sponsors!
- Banks under pressure on consumer side.
- Members savings on Work Trucks and more.
- Action Item: Encourage Local Govs to spend federal money on Water & Waste Water infrastructure.
- Housing Industry Advocacy fund – We need your support.
- HBA Member Rebate Reminders
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Disconnected Workers:
Getting people back to work may take longer than the Great Recession
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Initial unemployment claims dropped to 385,000 last week, below 400,000 for the first time since the pandemic began and the continuation of a steady fall. Behind that trend, however, is one that’s more worrisome. Marketplace reports 43% of jobless American workers who are long-term unemployed, who are much less likely to rejoin the traditional workforce.
The pandemic’s aftermath “is likely to be even longer and more problematic than the long-term unemployment that was so catastrophically associated with the Great Recession,” labor economist Arthur Goldsmith at Washington and Lee University told Hartman.
Per research published this year by the Harvard Business Review: “Stubborn biases among hiring managers can make the lived experiences of [long-term] jobseekers distressing, leading to a vicious cycle of diminished emotional well-being that can make it all but impossible to land a role.”
This is an Opportunity for the Construction Industry
Many unemployed workers will not return to their previous occupations. The construction industry has a great opportunity to attract and recruit talented people, who are purpose driven and inspired by creating a tangible product. Joining a construction career has long-term value. Years from now the workers we recruit will be able to drive through their community and show their children and grandchildren the houses they helped create.
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The American economy added 559,000 new jobs in May, and the unemployment rate declined to 5.8%, the first time the unemployment rate dropped below 6% since the pandemic started. The number of long-term unemployed dropped by 431,000, the biggest monthly decline since 2011.
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Welcome our New Sponsors.
Collier Engineering and EPB-Chattanooga add their support to the residential construction industry.
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The late Mr. James L. Collier, P.E., founded Collier Engineering in 1981. His steady hand and wealth of knowledge shaped the business and engineering principles of our current President, Mr. Chad A. Collier, P.E. The founding principles of the company, providing cost-effective designs and focusing on the needs of the client above anything else, continues to guide our staff of professionals today.
Collier puts a strong emphasis on the continuing education of our team to employ the most current techniques available while always remaining committed to those traditional values. We are committed to providing all our solutions in a way that will extend the service life of any asset, reduce future maintenance costs and liabilities, and offer the highest quality of service to our clients.
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EPB Serving the Community for over 80 years
Founded with the mission to “enhance quality of life for our customers and support local economic growth,” EPB was established in 1939 as an independent board of the City of Chattanooga. Over the years, EPB has served our customers when they’ve needed us most, from turning on the lights for our first customers in 1939 to helping Chattanoogans struggle through the energy crisis of the 1970’s and weather the worst snow storm outage in the city’s history in 1993.
After launching EPB Fiber Optics in 2009, EPB leaped to national attention a year later by making Chattanooga “The Gig City” by offering 1,000 Mbps residential internet speeds (The Gig) — which The New York Times reported as the fastest in the country. And in 2015, EPB was the first in the world to offer 10,000 Mbps to every home and business in the community. Since then, EPB has continued to provide Chattanooga with reliable service, expanding energy solutions, and state-of-the-art fiber optics technology, which spawned one of the nation’s smartest Smart Grids and the world’s fastest internet.
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Banks pressured to end of overdraft fees?
Banks are under pressure from diversity groups representing the Black and Latin communities. In focus is the $12.4 billion Americans paid on overdraft fees in 2020. Black and Latinx households are hit hardest by these fees, which range from $15 to $40 in most cases.
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One of the great benefits of your HBA membership is access to multiple savings programs on products you already purchase. We encourage all members to use these programs. New participants are often surprised they save 2x-4x the amount of their annual dues.
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GM has an offer toward the purchase or lease of most new GM vehicles to NAHB members. Visit your Chevrolet, Buick or GMC dealer, choose an eligible vehicle and present your NAHB Proof of Membership.
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GM’s Limited-Time Incentives
- 2020 Silverado MD: Bonus Cash of $500-$2,000 (varies based on trim). Ends 06/30/2021.
- Low Cab Forward receives $500-$4,000 (varies based on trim and delivery type). Ends 06/30/2021.
Take a look at a list of NAHB incentives on eligible GM vehicles
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Is a Nissan or Infiniti move your speed?
Save on your purchase or lease of a Nissan or Infiniti vehicle with NAHB member incentives for 2020 and 2021 model year sedans, crossovers, SUVs, sports cars, luxury models, pickup trucks and cargo vans.
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Local Governments are getting lot’s federal money, encourage investment in infrastructure. These investments will support future development.
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Gov. Lee counsels patience to locals on spending federal COVID-19 money
Local governments will soon start receiving the first half of their portion of the $2.28 billion in federal money arriving under the American Rescue Plan. The second tranche is scheduled to arrive in 12 months. Gov. Bill Lee’s administration is urging cities and counties not to rush ahead to spend the money, as the Fiscal Stimulus Accountability Group mulls ways to generate the greatest return from the windfall. One consideration would be for the state to offer an incentive program to jump-start water and sewer projects, of which there are already $485 million in requests for financial assistance and an estimated $5 billion to $15 billion in additional needs by 2040. Half of the state’s population currently get its water from private wells.
If local governments rush to spend their federal funds before the state program is finalized, Lee said they could lose out on matching grants and other incentives. In other words, as Comptroller Jason Mumpower intoned: “Don’t let this money burn a hole in your pocket.”
Related:
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Eligible Spending Category: Water and Wastewater
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§ Allows states to invest in improvements to their water and sewer infrastructure, including projects which address the impacts of climate change.
§ Provides funds for a variety of water infrastructure projects that align with projects currently eligible to receive financial assistance through the Environmental Protection Agency’s clean and drinking water state revolving funds, including:
§ Drinking water infrastructure.
Building or upgrading facilities and transmission, distribution and storage systems.
Replacement of lead service lines.
§ Building or upgrading facilities and transmission, distribution and storage systems.
§ Replacement of lead service lines.
§ Wastewater infrastructure.
Construction and procurement of publicly owned treatment infrastructure.
Managing and treatment of stormwater or subsurface drainage water.
Facilitating water reuse.
§ Construction and procurement of publicly owned treatment infrastructure.
§ Managing and Treatment of stormwater or subsurface drainage water.
§ Facilitating water reuse.
Additionally, recovery funds may be used for cybersecurity needs to protect water or sewer infrastructure, such as developing effective cybersecurity practices and measures at drinking water systems and publicly owned treatment works. In cases of a natural disaster, the guidance indicates that recipients may also use recovery funds to provide relief, such as interconnecting water systems or rehabilitating existing wells during an extended drought.
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Are you frustrated by the news out of Washington, DC?
Help us do something about it. Contribute to the Housing Industry PAC so we can support to our Legislators who defend our industry and keep bad ideas from crossing into Tennessee.
Every $500, $250 and $100 contribution helps us reach our goal of defending a builders ability to provide new homes.
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HBAT’s legislative efforts help protect the business interests of the men and women who provide housing for Tennesseans. We closely monitor the issues affecting Tennessee’s home building industry, urging lawmakers to take action. When the legislature is not in session, these goals are carried out through the effort of our Housing Industry PAC activities.
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Apply for Rebates Available to Home Builder Association Members
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Home Builders preach the benefits of doing business with a member. We want you to do business with like-minded people who support our industry. We also encourage you to take advantage of savings by participating in Rebate Programs.
Builders and Remodelers, if you’re not participating in this rebate program, you’re leaving money on the table. Register and claim your rebates www.HBATrebates.com
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NAHB has Additional Savings Programs for Business Savvy Members
Whether it’s a discount on a product or service or a more efficient way to operate, the smart business person is always looking at ways to cut costs and maximize returns.
Through agreements with more than 20 national companies, NAHB offers exclusive discounts on a variety of products and services that can benefit your business, employees and family.
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