Worsening affordability conditions stemming from growing supply chain disruptions and rising mortgage rates pushed new home sales lower in March. Sales of newly built, single-family homes in March fell 8.6% to a 763,000 seasonally adjusted annual rate from an upwardly revised reading in February, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. New home sales are down 12.6% compared to March 2021. A new home sale occurs when a sales contract is signed or a deposit is accepted. The home can be in any stage of construc- tion: not yet started, under construction or completed. In addition to adjusting for seasonal effects, the March reading of 763,000 units is the number of homes that would sell if this pace continued for the next 12 months. New single-family home inventory was up 52.4% over last year, rising to a 6.4 months’ supply, with 407,000 available for sale. However, just 35,000 of those are completed and ready to occupy. The median sales price rose to $436,700 in March from $421,600 in February and is up more than 21% compared to a year ago, due primarily to higher production costs, including materials. Regionally, on a year-to-date basis, new home sales fell in two regions, down 9.2% in the Midwest and 13.9% in the South. New home sales were up 10.5% in the Northeast and 8.5% in the West.
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Volume 6: Issue 5 May 2022
Worsening Affordability Conditions Dim New Home Sales
May 2022
DOL Proposes New Prevailing Wage Rules
The Labor Department has proposed new rules that would change "prevailing wage" standards for feder- al construction projects. NAHB opposes the changes. On March 18, the DOL’s Wage and Hour Division issued a proposed rule to amend the regulations implementing the Davis-Bacon and Related Acts (DBRA). The agency proposes to change the definition of "prevailing wage" by returning to the original methodology used to determine Davis- Bacon wage rates.
NAHB Members Send Letter to Biden
More than 10,000 NAHB members from all 50 states, the District of Columbia and Puerto Rico sent a letter to President Biden on April 27 calling on the White House to take immediate action as the growing housing affordability crisis pushes the housing market to an inflection point that threatens to derail the current housing and economic expansion. NAHB — through its powerful grassroots — called for meaningful steps to enable builders to increase the supply of affordable single-family and multi- family for-sale and for-rent housing.
NAHB, HUD Sponsoring Housing Showcase NAHB and the U.S. Department of Housing and Urban Development are jointly sponsoring the Innovative Housing Showcase, a three-day event featuring new building technologies and housing solutions that are making housing more innovative, resilient and affordable for American families. Taking place June 10-12 on the National Mall in Washington, D.C., the event is expected to draw more than 2,500 people, including policymakers, housing industry representatives, media and the general public. 
Survey Shows Support for
Production Incentives Americans expressed support for government initiatives to facilitate production of more housing, with 82% agreeing in a recent survey that policymakers should factor in housing affordability when consi- dering new legislation and regu- lations. The survey results and key economic data can be found on NAHB’s updated Housing Portal. Some 66% of survey respondents said government should provide incentives to private builders and developers to create more housing that is affordable to low- and moderate-income households.
Join NAHB's 2022 Legislative Conference 
NAHB members will have the opportunity to discuss how the supply chain is impacting their bottom line with their members of Congress during the 2022 Legislative Conference on Wednesday, June 15, in Washington, D.C. The Legislative Conference, NAHB's most important grassroots event of the year, is a day-long event that coincides with NAHB’s Spring Leadership Meetings. Registration for NAHB's Spring Leadership Meetings and the Legislative Conference is now open.
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2022 posted a reading of 86, unchanged from the first quarter of 2021. The finding shows residential remodelers’ confidence in their markets, for projects of all sizes. “Business remains strong for most remodelers at the beginning of 2022,†said NAHB Remodelers Chair Kurt Clason, a remodeler from Ossipee, N.H. “However, a few are starting to report that customers are reluctant to move forward on projects due to the delays and higher costs caused by supply chain problems.†The RMI survey asks remodelers to rate five components of the remodeling market as “good," “fair" or “poor.†Each question is measured on a scale from 0 to 100, where an index number above 50 indicates that a higher share view conditions as good than poor.
Remodeling Market Index Remains Strong
2022 NAHB Chairman Jerry Konter
Builder Confidence Falls Rising interest rates, ongoing home price increases and higher construction costs continue to take a toll on builder confidence and housing affordability. Builder confidence in the market for newly built single-family homes moved two points lower to 77 in April, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released in late April. This 
is the fourth straight month that builder sentiment has declined. The decline is driven in part by rising mortgage interest rates, which have jumped more than 1.9% since the start 
of the year and currently stand at 5%, the highest level in more than a decade.
Introducing Girls to Construction Girl Scouts across the country can now participate in an exciting new patch program, The House That She Built, designed to empower girls to think about STEAM and construction by meeting real professional women in building. This program is inspired by the team of women from NAHB’s Utah Chapter of Professional Women in Building Council who came together to build a one-of-a-kind home in Utah: The House That SHE Built. The intent of this patch program is to build self-esteem and develop skills through curiosity and hands-on activities. The patch program, hosted by the Girl Scouts of California’s Central Coast, is available to all Girl Scouts across the country.
Highest Paid Occupations in Construction
Half of payroll workers in construction earn more than $49,070, and the top 25% make at least $75,820, according to the latest May 2021 Bureau of Labor Statis- tics (BLS) Occupational Employment and Wage Statistics (OEWS) and NAHB analysis. In comparison, the U.S. median wage is $45,760, with the top quartile (top 25%) making at least $68,590. The top two highest paid occupations in construction are CEOs and lawyers, making more than $162,390 and $152,650 per year, respectively. Out of the next 13 highest paid trades in construction, 12 are various managers. The highest paid managers in construction are architectural and engineering managers, with half of them making more than $135,900 annually. Among construction trades, elevator installers and repairers top the median wages list, with half of them earning more than $98,600 a year and the highest paid 25% making at least $120,950. First-line supervisors of construction trades are third on the list, with median wages of $72,600 and the top 25% highest paid supervisors earning in excess of $91,310. In general, construction trades that require more years of formal education, specialized training or licensing tend to offer higher annual wages. Median wages of construction and building inspectors are $61,360, and the wages in the top quartile of the pay scale exceed $78,940. Half of plumbers in construction earn more than $59,810, with the top quartile making more than $78,190. Electricians' wages are similarly high. Carpenters are one of the most prevalent construction crafts in the industry. Although the trade requires less formal education, the median wages of carpenters working in construction exceed the national median. Half of these craftsmen earn more than $48,420, and the highest paid 25% make at least $62,370.
Upcoming Meetings & Events
May 17th, 5:00-7:00PM Legislative Review Federicksburg Nationals Stadium May 19th, 8:30AM Legislative Committee Meeting Zoom May 19th 4:15-5:00PM New Member Orientation Sponsored by Holt for Homes 5:00-7:00PM Hard Hat Sponsored by
Froehling & Robertson 10909 Houser Dr.
Fredericksburg, VA 22408 May 25th, 2:00-3:00PM Community Service Committee Meeting FABA Office or Zoom
Calendar at a Glance
The Membership Committee brings builder and associate members together to focus on recruitment of new members and retention of current members. This committee hold a hybrid meeting (in-person or zoom) every 2nd Wednesday at 10:30AM.
See you at the, Hard Hat!
New Members!
Membership Committee
Chair - Marc Simes, msimes@tricordinc-va.com
Every Third Thursday of the month, join us for our networking Hard Hat Events from 5:00-7:00 PM. This month's New Member Orientation (4:15-5:00 PM) & Hard Hat (5:00 - 7:00 PM) is Thursday, May 19th and sponsored by:
The Associates Committee plans member events to promote doing business with members. These volunteers coordinate networking and social events for business connections. This committee has a hybrid meeting (in-person or zoom) every 2nd Wednesday at 9:00AM. For the most up-to-date information on ALL of FABA's events, click here:
Chair- Mike King- Rayssiddingcompany@gmail.com
Rays Siding, Co.
FABA Events
Associates Committee
2022 Events Committee Conference President's Gala Spring Golf Spring Clay Shoot Crab Feast and Auction Fall Clay Shoot Holiday Party A little something for everyone!
Associates Committee Hybrid Meeting Zoom Link: Second Wednesday of each month at 9:00 AM
City of Fredericksburg Bi-monthly Meeting Zoom June 3rd 9:00AM Spotsylvania County Bi-Monthly Meeting Zoom June 6th, 3:00PM Stafford County
Bimonthly Meeting Zoom June 13th, 9:00AM Culpeper County
Quarterly Meeting Zoom June 9th, 9:00AM Caroline County
Quarterly Meeting Zoom June 15th, 11:00AM King George County
Quarterly Zoom July 22nd, 10:00AM Orange County Quarterly Meeting Zoom July 29th, 1:00PM
Legislative Committee
Upcoming County Zoom Meetings
Latest updates from your three in one membership hard at work for BUSINESS
Developers Council The working mission of the Council is to stay on top of land development issues affecting local builders and developers in our region and work together to advocate for our positions as needed. The Council is open to Builder and Developer members of FABA. Jeh Hicks, Jarrell Properties , Inc., is the chairman of the Developers Council. This group meets every other month. For more information contact Chrissy Urian at c.urian@fabava.com
Chair - Bruce Reese, bruce@legacy-eng.com
The Legislative Committee meets monthly to discuss the status of local and state level legislation that affects the building industry. For more information from each county, plan to attend the Legislative Committee meeting. This committee meets virtually every third Thursday at 8:30AM.
Chair - Greg Schmidt, greg@pestsolutionsva.com
The Community Service committee seeks to increase civic engagement among the members of FABA and utilize professional skills to actively benefit the Fredericksburg area. We are always looking for new ways to get help and support the community. If you are interested in submitting an idea for the community service committee feel free to join us!
Learn more about CANstruction here
Community Service Committee
HELP END HUNGER! Join FABA as we help to end hunger in Fredericksburg and surrounding counties.
Everyone will need to wear closed-toed shoes, no tank tops, short shorts or any other inappropriate wear. Friday, June 3, 2022 9am-11am
Location: 3631 Lee Hill Dr. Fredericksburg 22408
Check out the FABA entry in this year's CANstruction. Thank you to Howie and Oliver for helping us assemble our build.
This committee holds a hybrid meeting (in-person and virtual/zoom) every 4th Wednesday at 2:00PM.
Click here for more!
FABA Education Committee hosted Blower Door Training on Apriil 29th.
 Stay tuned for June date TBA
Meghan Butcher - FABA Staff Meghan@FABAVA.com
The Education Committee coordinates workshops and virtual learning opportunities focused on industry safety, marketing, and personal growth. Stay tuned for upcoming educational opportunities.
Sean Halsey - Halsey Homes
Access training and
educational materials 
on YouTube
Education Committee
Save the Date for the next
FABA YP Construction Luncheon on July 12th
Young Professionals Committee
Young Professionals committee is for individuals in the 21-40 age group to connect, and provides opportunities for professional development, social networking, mentoring, and personal growth for our members. Watch this page for upcoming Young Professionals committee events.
 To join the FABA Young Professionals
committee email Meghan@fabava.com
I know your first reaction will be, “Whoa… Slow down! I’m lucky I can type much less automate my website!†I get it. But it really isn’t that complicated to start automating with your website. It can be as easy as creating a form to collect information. When you sign a new customer to build a home, or a deck, or to install a door, there is some common information you need as well as some other information to help you and your team deliver a great experience for your customer. Your website makes it easy to collect by creating an onboarding form. Step one, list out all the information you need to complete a successful project. Step two, create a form to collect the information using your website’s form builder, Google Forms, or other form builder. Step three, create an onboarding page on your website and include the form. Step four, send new customers the link to your onboarding page and have them do some of the leg work for you. You see… it’s really not that complicated. Plus, after they hit submit, you can take them to a confirmation page that tells them what to expect the day of the project, give them phone numbers for people at your office, and more. Automate your processes so you can do more of the work you love to do. If you’d like some help, give me a call (540) 318-1800.
As a Cornerstone benefit for Partner, Platinum and Diamond levels they are able to contribute educational content to the newsletter each month. Check out this month's contribution from Contractors Websites Plus
Website Automation for Contractors
Member Contributions
FABA Student Chapters
Spotsylvania Career and
Technical Center James Monroe High School Stafford High School Spotsylvania High School Gladys H Oberle School Orange County High School Caroline High School
FAB Foundation
Donate or apply today!
FAB Board of Directors Glen Raymond Eddie Payne Guy Miller-Richards Emily Hall Christine Singhass Mike King Ricky Robinson Tim Thompson Gary Parker Scottie Davis Sean Halsey
The FAB Foundation board of directors meets monthly to discuss ways to involve the association with local workforce educators and help promote workforce development in our area. If you would like to be involved with these students, contact FABA for more information.
Cornerstone 2021
Did you know one of your Cornerstone benefits includes an ad in the newsletter. For Partner, Diamond, and Platinum you also have the option to provide educational content each month Submit your ad or article to Meghan@fabava.com
2022 FABA Board of Directors
President Scott Hine Union Home Mortgage 1st Vice President Marc Simes Tricord Companies 2nd Vice President Jeh Hicks Jarrell Properties Secretary Michelle Hall J. Hall Homes Treasurer Jeremiah Horstick CORELOT Immediate Past President Stacey Lampman Spaces Design Studio Associate Vice President Michael King Ray's Siding Executive Officer Maria Moore FABA Legal Counsel Charlie Payne Hirschler NAHB State Representative Dan Sandoval Republic Home Builders HBAV State Representative Scott Hine Union Home Mortgage Builder Director Tim Hall Tricord Companies Builder Director Allen Harrison Battlefield Homes Builder Director Steve Flanagan Built Right Homes Builder Director Teressa Taylor-Griffis Foundation Homes Associate Director Sara Fila Legacy Engineering Associate Director Rick Furnival Sullivan, Donahoe & Ingalls, PC Associate Director Emily Hall Spotsylvania Career & Tech Center Associate Director Bruce Reese Legacy Engineering, PC Associate Director Greg Schmidt Pest Solutions Life Builder Director Sean Halsey Halsey Homes Life Builder Director Dan Sandoval Republic Home Builders
FABA has been working with our exclusive, private partner, Small Business Growth Partners (SBGP) to help our members reach maximum growth and potential through their one of a kind BPA Process. This has been refined for over 10 years of working exclusively with Builders, Remodelers & HBA Associate Members. As an exclusive FABA member benefit, we are offering you the chance to register for and redeem your 2021 Business Diagnostic & Plan of Actions. An annual BPA is included 100% with your FABA Member Benefits (A $2,200 value).
Learn More Here