With the Coronavirus hitting all sectors of the economy, the HBA of Greater Savannah is working diligently with the Home Builders Association of Georgia (HBAG) and the National Association of Home Builders (NAHB) to mitigate its effects on the residential construction industry.
At the State Level
Governor Kemp Issued Executive Order Regarding Inspections
The Home Builders Association of Georgia continues to advocate on behalf of our members during this healthcare state of emergency. We are grateful to Governor Brian Kemp for his recognition of the service our members provide to their communities and his commitment to keep those services working through this unprecedented crisis. On March 20, the Office of Governor Brian Kemp issued the following executive order: “Reducing Regulations to Assist the State’s Response to the Spread of COVID-19” Continue Reading.
Governor Kemp’s Executive Order allows private providers for plan reviews and inspections. Continue Reading.
At the National Level
Senate Passes $2.2 Trillion Stimulus.
The relief package includes several provisions to help small businesses and those in residential construction. Continue Reading.
DHS Designation for Home Building as Essential is Not Mandatory
The Department of Homeland Security designation of residential construction as an “Essential Infrastructure Business” is good news for the housing industry. However, the designation is advisory in nature and should not be considered a federal directive or standard. Continue Reading.
Workers on Home Building Sites Should Strictly Adhere to Coronavirus Precautions. Continue Reading.
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.
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.
Useful Resources & Local Updates
Safety Tips for the Jobsite
HBA of Greater Savannah Facebook
HBA of Georgia Facebook
NAHB.org Coronavirus Preparedness & Response
City of Tybee
City of Savannah
GA Department of Public Health
GA Department of Public Health, Coastal Health District
U.S. Department of Labor
Georgia Department of Labor
Small Business Administration Disaster Assistance (SBA Loan Information)
Dining at a Distance Savannah