"Northern Lights": January 2024

President's Message

BANNJ President Thomas Petersen

Dear Esteemed Members of the Builders Association of Northern New Jersey,

As I stand before you today, I am filled with gratitude and pride for the incredible journey we have embarked on together over the past two years. Serving as your President has been an honor, and I want to take a moment to reflect on the remarkable accomplishments we have achieved as an association.

Member Engagement has been at the forefront of our efforts, and I am thrilled to report that our initiatives in this area have borne fruit. We have witnessed a significant increase in the participation and involvement of our members. The vibrant discussions, shared knowledge, and collaborative spirit that have emerged within our community have truly exemplified the strength of our association.

In addition to bolstering our member engagement, we have experienced remarkable growth in our membership numbers. Our outreach efforts have extended far and wide, drawing in builders and professionals who share our commitment to excellence. This increase not only reflects the value our association provides but also underscores the trust placed in us by the construction industry in New Jersey and beyond.

I am particularly proud of our engagement with Sussex County. We have strengthened our presence and impact in the region. We will continue our efforts to engage Sussex County in the hope of making it an integral part of our association's footprint.

As my tenure as President comes to a close, I want to extend my heartfelt well wishes to Derek, who will be stepping into the role of Incoming President. Derek, you bring with you a wealth of experience, positive energy and dedication, and I have no doubt that you will lead the Builders Association of Northern New Jersey to even greater heights. I am confident that the association will thrive under your leadership, and I look forward to witnessing your vision come to life.

In closing, let us remember our "Mission" statement: Our mission is to enhance our members’ ability to provide safe, affordable, quality housing, remodeling and commercial development to the citizens of New Jersey and whose members are committed to integrity and professionalism in the home building industry. Together, we have exemplified this ethos through our accomplishments, and I have every confidence that this spirit will continue to guide us in the future.

Thank you all for your unwavering support, dedication, and commitment to the Builders Association of Northern New Jersey and the Home Building Industry as a whole. It has been an incredible privilege to serve as your President, and I am excited to see the bright future that lies ahead for our association.

With gratitude and optimism,

Thomas J Petersen Outgoing President Builders Association of Northern New Jersey

2024 is going to be an exciting year at BANNJ!

We will begin with a virtual Economic & Housing Forecast by NAHB so be sure to register your company and gain important insight on the housing market for the coming year. Presented by NAHB Assistant Vice President for Forecasting & Analysis, Danushka Nanayakkara-Skillington. Special pricing for company participation so register today at https://members.bannj.org/events

80^th Anniversary Installation & Awards Celebration

On February 8^th, all are invited for a very special 80^th Anniversary Celebration Installation & Awards Dinner as we install our new President, Derek Weissman of Procida and our Board of Directors. Our special guest, CEO of the National Association of Home Builders, Jim Tobin, will be there to install and welcome our new leadership and congratulate our award winners. Plans are under way to make this event a spectacular evening at our new venue this year, Biagio’s & The Terrace in Paramus.

See here for more information on the event for sponsorships, tickets and place an ad in the upgraded commemorative journal to market your company and express congratulations to our incoming leadership.

Installation Dinner & Sponsorship Registration 2024

Ad Journal - 2024 80th Installation & Awards Dinner

We hope to see many of you there to support this important milestone for our Association!

Associate:

Cardinal Financial
Ralph DiBugnara
115 River Road, Suite 1090
Edgewater, NJ 07020
646-298-0400
ralph@dibugnara@cardinalfinancial.com

Webinar on Demand: A Macro Outlook for 2024

National Association of Home Builders' chief economist Robert Dietz and Pro Builder editorial director Rich Binsacca provide an expert status check on key macro issues affecting the economy and the housing industry, including:

Productivity and inflation
Interest rates and Federal Reserve policy
The state of construction labor
Market sentiment among housing professionals

Fed Pivots and Housing Starts Surge

The Federal Reserve surprised by not only remaining on pause with respect to the federal funds rate, but also by revealing an estimated three rate cuts for 2024.

Fannie and Freddie Can Each Invest Up to $1 Billion Annually in the LIHTC Market

Fannie Mae and Freddie Mac will each be allowed to invest up to $1 billion annually in the Low-Income Housing Tax Credit (LIHTC) market as equity investors, beginning in 2024.

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