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| BANNJ President, Derek Weissman |
We hope all our members and families enjoyed the holiday season and
Happy New Year to all! Our Board of
Directors is looking forward to another great year at BANNJ and please let us
know how we can help to enhance your member experience.
All members and guests are cordially invited to our 81st Annual Installation & Awards Dinner at Biagio’s & The Terrace on Thursday, January 30th, 2025. Be sure to join us with special guest Jim Tobin, CEO of the National Association of Home Builders to celebrate our President, Derek Weissman of Procida, the incoming Officers and Board of Directors, award winners and our Special Honoree, Thomas Petersen of SportProsUSA, as the recipient of the Builder Member Association Legacy Award. High visibility sponsorship packages are available and submit an ad or congratulatory message in our commemorative ad journal.
Register for dinner tickets, sponsorships and/or ad journal reservations at https://members.bannj.org/events no later than January 10th.
On February 13th we will have a virtual 2025 Economic and Housing Forecast presented by NAHB’s AVP for Forecasting and Analysis, Danushka Nanayakkara-Skillington. Stay ahead of your competition with this valuable information offered by a national economic expert in the housing and construction field.
SAX TAX ALERT!!
Important Update to the Corporate Transparency Act
Builder:
Channel
Contractors
Simon DeSousa
309 Grove Street, Floor 2 # 1075
Jersey City, NJ 07302
646-355-8020
contact@channelcontractors.com
Associate:
Stratco
Property Solutions
Milo Kilroy
469 7th Avenue
New York, NY 10018
929-382-1952
mk@stratcoproperty.com
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1. 𝐈𝐦𝐦𝐢𝐠𝐫𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐩𝐨𝐥𝐢𝐜𝐲 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐭𝐨 𝐢𝐦𝐩𝐚𝐜𝐭 𝐩𝐨𝐩𝐮𝐥𝐚𝐭𝐢𝐨𝐧
In 2023, the U.S. welcomed 3 million immigrants, adding substantial pressure to housing demand and moves. The administration’s policies on immigration could shift this trajectory.
2. 𝐇𝐨𝐮𝐬𝐢𝐧𝐠 𝐚𝐟𝐟𝐨𝐫𝐝𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐜𝐫𝐢𝐬𝐢𝐬 𝐨𝐩𝐞𝐧𝐬 𝐮𝐩 𝐫𝐞𝐧𝐭𝐚𝐥 𝐦𝐚𝐫𝐤𝐞𝐭
Interest rates have priced out many prospective homebuyers, pushing more folks into the rental market, which is driving growth in build-to-rent model.
3. 𝐋𝐚𝐛𝐨𝐫 𝐬𝐡𝐨𝐫𝐭𝐚𝐠𝐞 𝐢𝐬 𝐬𝐭𝐢𝐥𝐥 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐞𝐝
The shortage of skilled workers continues to escalate costs and operational headaches in construction and moving. With a smaller workforce, we can't build homes or hire and retain movers fast enough.
4. 𝐔𝐫𝐛𝐚𝐧 𝐚𝐫𝐞𝐚𝐬 𝐚𝐫𝐞 𝐛𝐚𝐜𝐤 𝐢𝐧 𝐝𝐞𝐦𝐚𝐧𝐝
With remote work settling into the new normal, younger professionals are flocking back to urban centers for job opportunities and lifestyle.
5. 𝐂𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐢𝐬 𝐬𝐭𝐢𝐥𝐥 𝐟𝐞𝐞𝐥𝐢𝐧𝐠 𝐭𝐡𝐞 𝐝𝐞𝐥𝐚𝐲𝐬
Material shortages, labour shortages, and logistical issues are delaying construction projects, impacting related moves.
5. 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐬𝐩𝐞𝐧𝐝𝐢𝐧𝐠 𝐞𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐝𝐞𝐜𝐥𝐢𝐧𝐞
With personal savings rates under 5% and credit card debt climbing 33% in the last 18 months, consumers are tightening their belts, affecting discretionary spending.
6. 𝐁𝐚𝐛𝐲 𝐁𝐨𝐨𝐦𝐞𝐫𝐬 𝐫𝐞𝐦𝐨𝐝𝐞𝐥, 𝐌𝐢𝐥𝐥𝐞𝐧𝐧𝐢𝐚𝐥𝐬 𝐞𝐚𝐠𝐞𝐫
The remodelling trend is strong among baby boomers choosing to age in place, while millennials’ demand for housing is poised to drive the market for the next decade.
7. 𝐂𝐥𝐢𝐦𝐚𝐭𝐞 𝐫𝐢𝐬𝐤𝐬 𝐡𝐚𝐯𝐞 𝐛𝐞𝐞𝐧 𝐨𝐧 𝐭𝐡𝐞 𝐫𝐢𝐬𝐞
Natural disasters are driving people out of their homes temporarily or moving out of high-risk areas and reshaping where they settle.
8. 𝐉𝐨𝐛 𝐠𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐡𝐨𝐮𝐬𝐢𝐧𝐠 𝐫𝐢𝐩𝐩𝐥𝐞 𝐞𝐟𝐟𝐞𝐜𝐭
Tech hubs and areas with booming job markets, like Texas and North Carolina, are seeing housing demand surge.
 
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Thursday, January 30th
2025 Annual Installation & Awards Dinner 6:00PM
Biagio’s & The Terrace, Paramus, NJ
Register for all events at
https://members.bannj.org/events
