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    Economic Focus Sept. 12, 2011

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    Jessica Kister-Lombardo
    The document summarizes a statement from Bob Nielsen, chairman of the National Association of Home Builders, in response to President Obama's recent speech on job creation. Nielsen commends Obama for addressing employment but criticizes the lack of focus on housing, which accounts for 18% of GDP. Nielsen argues housing needs to play a bigger role in recovery by ending credit restrictions, increasing access to affordable loans, and supporting homeownership to spur growth, jobs, and confidence.

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    Economic Focus Sept. 12, 2011

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    Jessica Kister-Lombardo
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    The document summarizes a statement from Bob Nielsen, chairman of the National Association of Home Builders, in response to President Obama's recent speech on job creation. Nielsen commends Obama for addressing employment but criticizes the lack of focus on housing, which accounts for 18% of GDP. Nielsen argues housing needs to play a bigger role in recovery by ending credit restrictions, increasing access to affordable loans, and supporting homeownership to spur growth, jobs, and confidence.

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    The document summarizes a statement from Bob Nielsen, chairman of the National Association of Home Builders, in response to President Obama's recent speech on job creation. Nielsen commends Obama for addressing employment but criticizes the lack of focus on housing, which accounts for 18% of GDP. Nielsen argues housing needs to play a bigger role in recovery by ending credit restrictions, increasing access to affordable loans, and supporting homeownership to spur growth, jobs, and confidence.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    186 views1 page

    Economic Focus Sept. 12, 2011

    Uploaded by

    Jessica Kister-Lombardo
    The document summarizes a statement from Bob Nielsen, chairman of the National Association of Home Builders, in response to President Obama's recent speech on job creation. Nielsen commends Obama for addressing employment but criticizes the lack of focus on housing, which accounts for 18% of GDP. Nielsen argues housing needs to play a bigger role in recovery by ending credit restrictions, increasing access to affordable loans, and supporting homeownership to spur growth, jobs, and confidence.

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    of 1

    Economic Focus

    THE AMERICAN JOBS ACT, AN ELIQUENT RESPONSE


    Last week President Obama delivered a much awaited speech titled The American Jobs Act, in which he outlined the measures he believes will stimulate jobs and the US economy. Conspicuously absent was any concrete mention of the US Housing Market, or any plans to lead this essential sector of the economy out of the deep recession it is in. It has been challenging to craft a written response to President that does not take on political overtones. Last Friday NAHB Chairman Bob Nielsen came to the rescue and released the following statement that amply expresses the core concerns of everyone impacted by the housing market, and that is all of us.
    Statement from NAHB Chairman Bob Nielsen on President Obama's Address to the Nation September
    RELEASE DATE Tue 09/13 8:30 am et Tue 09/13 2:00 pm et Wed 09/14 7:00 am et Wed 09/14 8:30 am et Wed 09/14 8:30 am et Wed 09/14 10:00 am et Thu 09/15 8:30 am et Thu 09/15 8:30 am et Thu 09/15 9:15 am et Thu 09/15 10:00 am et Fri 09/16 10:00 am et
    1

    for the week of September 12, 2011 Volume 15, Issue 36


    Key Economic Reports Released This Week
    ECONOMIC INDICATORS RELEASED BY Bur. of Labor Statistics Department of Labor Dept. of the Treasury Mortgage Bankers Association of America Bur. of Labor Statistics Department of Labor Bureau of the Census Dept. of Commerce Bureau of the Census Dept. of Commerce Bur. of Labor Statistics Department of Labor Bur. of Labor Statistics Department of Labor Federal Reserve Board Federal Reserve Bank of Philadelphia University of Michigan CONSENSUS SURVEY1 ImPrice -0.7% -$132.0B N/A -0.1% core 0.2% 0.2% x-autos 0.2% 0.5% 410k 0.2% core 0.2% IP 0.1% CU 77.5% -15.0% 56.2% Wt. ** * * *** **** * * *** *** ** * INFLUENCE ON INTEREST RATES

    Import & Export Prices for August 11 Treasury Budget for August 11 MBA Mtg Apps Survey for week ending 09/09 Producer Price Index for August 11 Retail Sales for August 11 Business Inventories for January 11 Jobless Claims for week ending 09/10 Consumer Price Index for August 11 Ind Production / Cap Utilization for August 11 Philadelphia Fed Survey for September 11 Consumer Sentiment for September 11

    If above consensus If below consensus If above consensus If below consensus


    Undetermined

    If above consensus If below consensus If above consensus If below consensus If above consensus If below consensus If above consensus If below consensus If above consensus If below consensus If above consensus If below consensus
    Undetermined

    9, 2011 Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev., today issued the following statement regarding President Obama's address to the nation last night: "While the nation's home builders commend President Obama for tackling critical employment issues, it's discouraging that the Administration still fails to recognize that housing has a central role to play in restoring the nation's workforce. "In normal times, housing accounts for 18 percent of the nation's gross domestic product, and nothing packs a bigger local economic impact than home building. Constructing 100 average single-family homes generates more than 300 full-time jobs, $23.1 million in wage and

    If above consensus If below consensus

    Survey courtesy of Insight Economics, LLC

    * Low Importance ** Moderate Importance *** Important **** Very Important

    business income and $8.9 million in federal, state and local tax revenue. "Housing has traditionally led the nation out of past recessions and needs to be playing a far bigger role than it has so far in today's lackluster recovery. That won't happen until federal regulators move to end the credit freeze for new home production, banks allow qualified home buyers access to affordable home loans and policymakers acknowledge there is a clear need to support homeownership and get housing moving again to spur growth, create jobs and restore consumer confidence."

    Jessica Lombardo Loan Officer Hi-Tech Mortgage 2184 McCulloch Boulevard, # A Lake Havasu City, AZ 86403 [email protected] Office: 866.768.5626 Cell: 916.548.8533 Fax: 916.372.2518

    Thank you, Bob Nielsen for speaking with such an eloquent voice.

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