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Complete Results
The 2016 Compensation Report provides the most comprehensive source of information available about compensation and benefit practices for distribution industries.
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MEMBER ANNOUNCEMENTS
Dyke Industries, Inc.
Commemorating 150 Years
This year marks the 150th Anniversary of Dyke Industries, Inc. We all take great pride in being part of a company that has remained one of the most respected and successful in our industry. We commemorate this milestone, and thank all of our employees, both past and present, for their loyalty and commitment in making our company what is it today.
WMA Welcomes New Member:
Qingdao Yasen Wood Co., Ltd.
Established in 1977, Yasen Wood produces high quality interior & exterior wood doors, and millwork for various markets around the world. With over 400 highly experienced staff at our 700,000 sq ft manufacturing complex located in Qingdao China, and over 50,000 sq ft warehouse in Toronto Canada, Yasen strives to develop and provide creative door solutions to meet the ever changing needs of our customers.
For more information please visit Qindao Yasen Wood Co., Ltd.
HOUSING INDUSTRY NEWS
Will homebuilders fill the void in
housing for first-time buyers?
The ability to save for a down payment historically ranks as the biggest hurdle for first-time homebuyers, until now. According to a new housing report from Fitch Ratings, there’s a new problem that’s creating an even bigger roadblock for entry-level buyers — inventory shortages.
Read more at HOUSINGWIRE
Fannie Mae Economic Forecast Holds Steady
Still sees U.S. economy growing at a sub-par rate of 1.7%
Fannie Mae’s (OTC Bulletin Board: FNMA) Economic & Strategic Research (ESR) Group’s full-year economic growth forecast remains unchanged in June from the prior forecast of 1.7%, the GSE said Monday.
Recent data emphasize the uneven nature of the current economic expansion. Consumer spending and housing activity have picked up, but a slowing trend in hiring and business investment has increased downside risks to the forecast, Fannie said. Headwinds facing businesses include declining profits, weakening productivity, and rising labor costs.
Read more at BUILDER
What Building 1,000 Homes Means to the U.S. Economy
According to NAHB’s National Impact of Home Building model, building 1,000 average single-family homes generates 2,975 jobs and $111.0 million in taxes and fees for all levels of government. Similarly, building 1,000 average rental apartments generates 1,133 jobs and $42.4 million in taxes.
Read more at NAHB Eye On Housing
Single-Family Starts Flat in May
The May pace of single-family housing starts was effectively flat relative to April after downward revisions for prior months, standing at a seasonally adjusted annual rate of 764,000. However, according to estimates from the Census Bureau and the Department of Housing and Urban Development, the May rate marks a 10% gain in the pace of single-family construction on a year-over-year basis.
Read more at NAHB Eye On Housing
Existing Home Sales -Real Time Tracking
In normal times roughly 70% of new home purchases are trade-up buyers (i.e., they have an existing home to sell) so the strength of existing home sales affects the strength of new home sales.
Two series published by the National Association of Realtors (NAR) gauging the strength of the existing home sales sector are: pending sales and sales. The pending home sales index (PHSI) tracks signed (but not closed) sales contracts. The PHSI is an index that compares current monthly signed contracts to the average over 2001. The existing home sales (EHS) series is an estimate of the number of closed sales contracts in the month. The NAR reports that 80% of pending sales close within two months of signing and a significant share of the remainder close within four months, making the PHSI a reliable leading indicator of sales in the coming 4 months. Current readings in the PHSI point to strong sales for several months.
Read more at NAHB Eye On Housing
Housing Healthy Enough to Start Driving Economy
Harvard JCHS: Still, market is hampered by tight credit, sluggish income growth and the inventory shortage.
The national housing market has now regained enough momentum to provide an engine of growth for the US economy, according to the latest The State of the Nation’s Housing report released by Harvard’s Joint Center for Housing Studies.
Robust rental demand continues to drive the housing expansion, and sales, prices, and new construction of single-family homes are on the rise. Even more important, income growth has picked up, particularly among the huge millennial population that is poised to form millions of new households over the coming decade. At the same time, however, several obstacles continue to hamper the housing recovery—in particular, the lingering pressures on home ownership, the eroding affordability of rental housing, and the growing concentration of poverty.
Read more at BUILDER
Fannie Mae: Almost no lenders plan to ease
credit standards.
According to Fannie Mae’s second quarter 2016 Mortgage Lender Sentiment Survey, approximately 90% of the lenders surveyed said they have no plans to ease their credit standards for at least the next three months.
Read more at HOUSINGWIRE
Builder Confidence Rises in June
After holding steady for the past four months, builder confidence in the market for newly constructed single-family homes rose two points in June to a level of 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This marks the highest reading since January 2016
Read more at NAHB Eye On Housing
Eye on the Economy: Labor Market Data
Pauses the Fed
A surprisingly weak labor market report clearly influenced the Federal Reserve’s decision to keep interest rates steady this week. The Fed noted that jobs gains have slowed and business investment has been soft. Housing, however, remains a bright spot as the economy picks up speed entering the second quarter.
Read more at NAHB Eye On Housing
Business & Economy
Consumer Inflation Slowed in May Following a Sharp
Increase in April
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) for May. Overall inflation decelerated after an energy induced sharp increase in April, while core inflation (excluding food and energy) increased slightly.
Read more at NAHB Eye On Housing
ALERT! HOTEL POACHING ADVISORY
Beware of solicitation from unauthorized hotels and housing agencies
There are hotel booking and housing agencies contacting World Millwork Alliance members and exhibitors claiming to represent WMA; stating that the convention hotel, the Sheraton Grand Phoenix Hotel, is sold out and offering to book hotel rooms for the WMA Annual Convention & Tradeshow in Phoenix, Arizona, this October. Attendees and exhibitors who may be subject to inappropriate solicitation from hotels or third-party housing agencies should be aware that these solicitors are not affiliatedwith the WMA Annual Convention & Tradeshow.
Poachers may offer a lower hotel rate than the rates offered in our official block. Consequently, the reserved rooms may be of significantly lower quality, cancellation polices are often intolerant.
WMA goes to great lengths to ensure that every aspect of your convention and tradeshow experience is of the highest quality and value. Poachers do not have your best interests in mind, nor are they committed to providing a high level of customer service.
WMA convention host hotel is the Sheraton Grand Phoenix Hotel located next to the Phoenix Convention Center. Always refer to the WMA website for hotel room night availability or contact WMA directly.
We encourage you to book your accommodations through the official WMA Annual Convention hotel block directly through the WMA website when you register for the convention.
Any offers from other housing agents or agencies and/or hotels not listed in our block are not endorsed by WMA. Please report any unauthorized solicitations to WMA at Mail@worldmillworkalliance.com or by contacting WMA directly (727) 372-3665.
WMA ASSOCIATION NEWS
Ron Taylor Award Nominations Being Accepted
World Millwork Alliance is seeking nominations for the 2016 Ron Taylor Award (RTA). Do you know a WMA member who gives freely without reservation, has had a positive effect on others and contributes above and beyond; who is supportive and has been active in the World Millwork Alliance and their community? Why not recognize that individual by nominating them for the RTA? Nominate a WMA Member.
