Homebuilding News
Inspections for Occupied Single-Family Residences to be Conducted Remotely by Video Only
Beginning Monday, April 13, 2020, the Memphis & Shelby County Office of Construction Code Enforcement will begin offering Remote Video Inspections (RVI). Previously, in-the-home inspections were suspended in response to the concerns regarding COVID-19. Beginning today, inspections for occupied single family residences will resume, but will now be conducted remotely by video only.
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 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.
Read MoreSenate Approves $2.2 Trillion Economic Stimulus Package
The Senate shortly before midnight voted unanimously to approve a $2.2 trillion economic stimulus package in response to the coronavirus pandemic that has wreaked havoc on the U.S. economy. The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several provisions to help small businesses and those engaged in the residential construction sector.
Read MoreGovernor Lee Provides Update on COVID-19 relief
Lee is mobilizing the National Guard to help with testing. 250 personnel, including 150 medical personnel, are getting ready to help 35 remote testing facilities in rural parts of the state.
Lee also extended the statewide school closure to April 24, 2020. The Department of Education is now partnering with PBS to offer instructional content on television while students are out of the classroom.
Read MoreRising Headwinds Exist for Housing Construction
According to estimates from the Housing and Urban Development and Commerce Departments, single-family starts expanded in February. Construction activity was accelerated earlier in the year due to warmer weather. Despite the strong start for 2020, significant and rising headwinds exist for housing construction due to coronavirus mitigation efforts.
Read MoreHouse Passes Coronavirus Bill
The House recently passed a bill that would guarantee free coronavirus testing, establish paid leave for all employees and enhance unemployment insurance. The Senate is expected to pass the bill in the coming days, and President Trump has indicated his support. The three major components of this bill that will affect businesses of all sizes include: paid family and medical leave; paid sick leave; and new tax credits.
Read MoreBuilder Confidence in 55+ Housing Drops Slightly
Builder confidence in the single-family 55+ housing market dropped four points to 68 in the fourth quarter, according to the NAHB 55+ Housing Market Index (HMI) released on January 30, 2020. The 55+ HMI measures two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each segment of the 55+ HMI measures builder…
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