Recently, NAHB economist Robert Dietz testified before the Economic Policy Subcommittee of the Senate Banking Committee on housing issues and the economics of home building as a job creator.
The testimony summarized a number of issues, including:
• Economic impact of home building – construction of a typical single-family home creates on average three jobs
• Housing’s share of GDP – housing currently comprises 15.5 percent of GDP, with room to grow
• Short-term outlook – NAHB is forecasting growth for single-family and multifamily construction in 2014
• Industry headwinds – challenges in the forecast including rising building material prices and access to AD&C credit
The subcommittee also asked for policy recommendations. NAHB endorsed passing comprehensive housing finance legislation and enactment of a tax extenders bill that would extend the 9 percent credit rate floor for the LIHTC and the 25C and 45L energy efficiency tax credits.
View this original post on the NAHB Eye on Housing blog.
