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NEAHBA March 2020 Update

Dear NEAHBA members,
We are canceling our regular April Membership meeting, due to restaurant closures and the Governor’s admonition to meet in groups of 10 or fewer people for the foreseeable future due to the COVID-19 outbreak. 

Please visit our webpage at neahba.org often for the latest information from our Chapter and the National Association of Homebuilders.

First and foremost, NEAHBA members’ health and safety are our number one priority. Our thoughts go out to you, your employees and your families during this extremely challenging time. With the COVID-19 (coronavirus) hitting all sectors of the economy, NEAHBA is working diligently with the National Association of Home Builders (NAHB) to mitigate its effects on the residential construction sector.

Economic Forecast

On the economic front, NAHB’s current outlook calls for markedly negative second quarter GDP growth and a jump in job losses. The Federal Reserve acted aggressively to lower the federal funds rate to effectively zero and restart a program to purchase mortgage-backed securities. These actions should help stabilize mortgage interest rates.

State of the Industry

In the near-term, builders should be prepared for approval and other business delays, check on their subs and workforce, and watch their cash reserves. Once mitigation efforts end to check the spread of the coronavirus, housing should be set for a rebound given low mortgage rates.

Legislative Outlook

In Washington, the House passed and the Senate approved the Family First Coronavirus Response Act. The bill will guarantee free coronavirus testing, establish paid leave for all employees, enhance unemployment insurance, expand food security initiatives and increase federal Medicaid funding.

NAHB has participated in discussions with the White House to discuss strategies to provide needed aid and stimulus to the housing sector in the wake of the coronavirus threat that is wreaking short-term havoc on the national economy. Read the letter that NAHB sent to the White House.

Latest News and Resources for Your Business

This is a rapidly developing issue impacting personal and professional activities worldwide. Members are encouraged to visit nahb.org for breaking news, resources, and information related to coronavirus.
Coronavirus Preparedness and ResponseNAHB news, external resources and guidelines regarding preparation for COVID-19 in the workplace, and with busin…

Chris Kidd
Northeast Arkansas Homebuilders Association

P.S. See attached information from NAHB about OSHA regulation and how your Contracts may be affected due to the Coronavirus: