The testimony summarized a number of issues we have covered on Eye on Housing in 2014. These include:
- Economic impact of home building – construction of a typical single-family home creates on average three jobs
- Housing’s share of GDP – housing currently comprises 15.5% of GDP, with room to grow
- Short-term outlook – NAHB is forecasting growth for single-family and multifamily construction in 2014
- Industry headwinds – challenges in the forecast including rising building material prices and access to AD&C credit
The subcommittee also asked for policy recommendations. NAHB endorsed passing comprehensive housing finance legislation and enactment of a tax extenders bill, that would extend the 9% credit rate floor for the LIHTC and the 25C and 45L energy efficiency tax credits.