OCTOBER PERMITS START SEASONAL DECLINE AMID CONTINUING MIXED ECONOMIC DATA

Based on residential permit data compiled by the Home Builders Association of Southeastern Michigan (HBA) and reported in the HBA/Carter Lumber Southeastern Michigan Residential Building Activity Report™ a total of 250 single-family home (SFH) permits were issued in Macomb, Oakland, St. Clair and Wayne counties in October 2023. The monthly total was down 11 percent from September’s revised total (282) but was up nearly 5 percent from October 2022 (239).

Multi-family for rent permits continued rebounding with 152 permits issued in October but activity year-to-date and year-over-year continue to be down significantly when compared to 2022.

The surge in southeastern Michigan employment and workforce levels unexpectedly accelerated, respectively growing by 4.6 and 4.9 percent, year-over-year. Even with a mild uptick in initial jobless claims in October, it appears that the UAW strike strategy is having only a minimal impact on Michigan’s labor metrics. With recent contract votes, it is expected that a significant downturn has likely been avoided.

In October, North American vehicle production (NAVP) expectedly slowed due to strike impacts with 1.38 million units produced, down 0.5 percent from September but still up over 5 percent compared to October 2022 (1.31 million). Going back over the past decade (absent the pandemic) October production typically increases by 6 to 7 percent month-over-month, so the UAW strike likely impacted results in 2023. The Trailing 12-month total of 15.62 million units is up 6.5 percent year-over-year and at its highest level since March 2020 (15.96 million).

The recent rise in crude oil prices also accelerated in October to $90.28, up 7 percent year-over-year ($84.45) and at its highest level since August 2022 ($102.26). The rate for a 30-year fixed mortgage continued climbing and now stands at 8.68 percent, including points.

The US Construction Materials Producer Price Index (PPI) seasonally fell in October and is down 1.2 percent compared to last year.

In October, the average single-family home permit size fell to 2,255 square feet, down 3.2 percent compared to September 2023 (2,330 sf) and down 11 percent from October 2022 (2,534 sf).

NOTE: The graphs presented above - along with additional data and charts - can be found each month, in larger format, by going to www.builders.org; Log in using your Member ID#, Mouse Over the menu item "Building News & Metrics" Selecting "Industry Related Metrics" from the fly-out menu.

AWARDS RECOGNITION AND HOLIDAY CELEBRATION - WEDNESDAY, DECEMBER 6 AT SUBURBAN COLLECTION SHOWPLACE IN NOVI - JOIN US!

Honoring President Rino Soave, The Distinguished Honorees AND HBA's Valued Volunteers

Please make plans to join many other HBA members and guests at the 2023 Awards Recognition & Holiday Celebration on Wednesday, December 6th in the Legacy Ballroom at Suburban Collection Showplace in Novi..

The evening begins with an Hors D'oeuvres Reception followed by an elegant full dinner,  holiday dessert and Awards Presentation. SEE THE FULL LIST OF HONOREES AND MAKE YOUR RESERVATIONS HERE.

If you'd like to bring your company into the spotlight for the audience attending this year, PLEASE RESERVE YOUR SPONSORSHIP HERE

IT'S TIME TO RESERVE YOUR EXHIBIT SPACE AT THE FIRST TWO SHOWS OF 2024

JANUARY

HBA’s next home show will be held January 19-21, 2024 at Suburban Collection Showplace in Novi. The home shows have thousands of attendees taking advantage of the opportunity to meet with an extensive variety of vendors all under one roof. Homeowners and potential homeowners throughout Southeastern Michigan consider our shows their one-stop destination to find home improvement products and services for every type of project imaginable..

For HBA supplier members, the 3-day event is a proven method for you to acquire solid leads and meet potential customers. If your business sells directly to the public, we strongly recommend that you plan to participate in the upcoming Novi Home & Garden Show.
www.novihomeshow.com

FEBRUARY

The Great Lakes Design and Construction EXPO will be held on February 14, 2024 at the Suburban Collection Showplace. The event is presented by both HBA and the Construction Association of Michigan

This one-day event will bring together residential and commercial contractors, home builders, suppliers, and service providers and provide the tools you need to support your continued growth and success in Michigan's construction industry.
www.miconstructionexpo.com/

Attendance at the event and the Economic Forecast Breakfast will be available in December. If you'd like to reserve exhibit space or a sponsorship, please contact Brian Starrs now.

TO RESERVE YOUR EXHIBIT SPACE AT EITHER OF THESE MAJOR EVENTS, PLEASE CONTACT BRIAN STARRS

Call Brian Starrs today at (248) 202-7300 or email him at: brians@builders.org to reserve your booth!

7-Eleven Commercial Fleet Mastercard
Association Fueling Program  - SPEEDWAY

WELCOME NEW MEMBERS

APARTMENT ASSOCIATION MEMBER

PAUL GALLAGHER, RISING TIDE VENTURES
STEVE ALIE, KRAUTER GARDEN PLACE LLC
AARON GOSS, MODLI MANAGEMENT LLC

BUILDER MEMBER
RAYMOND MILLER, PURE INVESTMENT GROUP INC
SPONSOR: CINDY MAXWELL PHILIPS, LIGHTING RESOURCES OF MICHIGAN

SUBCONTRACTOR MEMBER
LES WITHROW, NU-WAVE PLUMBING
SPONSOR: RINO SOAVE, INFINITY HOMES & CO.

ASSOCIATE MEMBERS
KYLE BARTLETT, K & C CONSTRUCTION & TRENCHING
SPONSOR: RINO SOAVE, INFINITY HOMES & CO.

ROB KAOUD, LAS VEGAS STONE & FLOORING
SPONSOR: RICH KLIGMAN, SUPERB CUSTOM HOMES

LOUIE SAAD, MODERN CURVEDSOLUTIONS
SPONSOR: RINO SOAVE, INFINITY HOMES & CO.

NIC MAJOR, PROFESSIONAL FLOORS
SPONSOR: RINO SOAVE, INFINITY HOMES & CO.

IAN CRAMPTON, TRSMI
SPONSOR: RINO SOAVE, INFINITY HOMES & CO.

AFILIATE MEMBERS
SANIA KAOUD, LAS VEGAS STONE & FLOORING
BECKY SAAD, MODERN CURVEDSOLUTIONS
RAY MILLER, SR., PURE INVESTMENT GROUP INC
CANDY TERANCE, SUPERB CUSTOM HOMES

THANK YOU RENEWING MEMBERS

APARTMENT ASSOCIATION MEMBERS

HAROLD KULISH, CORMORANT CO., INC
THOMAS TURNBULL, THE SOAVE REAL ESTATE GROUP, INC.

BUILDER MEMBERS

SUNNY GREWAL, GREWAL HOMES, LLC
STEVE SCHUSTER, SCHUSTER HOMES, LLC

ASSOCIATE MEMBERS
WILLIAM ANDERSON, ATWELL, LLC
PAUL MONTGOMERY, CADILLAC BRICK CO
RAY KOOPMAN, MICHIGAN CHANDELIER

SUBCONTRACTOR MEMBER
PAUL RIEMER, RIEMER FLOORS, INC

AFFILIATE MEMBERS
JASON MINOCK, ATWELL, LLC
ERIC LORD, ATWELL, LLC
BRIAN AGGER, MICHIGAN CHANDELIER
PETE BOMMARITO, MICHIGAN CHANDELIER
STEVEN FREDERICK, RIEMER FLOORS, INC
KIRK BEARSE, RIEMER FLOORS, INC