 |
| BANNJ President, Derek Weissman |
Thank you to the team at Ferguson in Fairfield, NJ for hosting an excellent networking meeting for BANNJ and Metropolitan Builders and Contractors Association on November 14th. All attendees enjoyed their wonderful hospitality and the chance to tour the beautiful showroom. Special thanks to Kimberly Little of Sub Zero, Wolf & Cove who gave an outstanding CEU presentation on Globally Inspired Forward-Thinking Kitchen Design that Impacts Sustainability, Safety and Accessibility. View photos from this and all events at https://www.bannj.org/image-gallery/.
Thank you to the BANNJ and Metro members who participated in the meeting with 2025 Gubernatorial Candidate Jack Ciattarelli on November 25th at our Procida offices. We had a great discussion on housing issues and policies including housing affordability, land use, zoning reform, infrastructure and planning.
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.
Associates:
Carroll
Engineering
Joel Ardman
105 Raider Boulevard Suite 206
Hillsborough, NJ 08844
267-218-2372
jardman@carrollengineering.com
Annadale
Millwork and Allied Systems
Jackie Bates
PO Box 2600
Winchester, VA 22604
540-665-9600
jbates@amcasc.com
Homebuyer demand for mortgages jumps 12% after first interest rate drop in over 2 months
‘Energy and lumber’ are home builders’ primary concerns around Canadian tariffs: Taylor Morrison
Pending home sales rise 2% monthly
New Home Construction Flat in October
Lumber Today
Lumber prices fell below $600 per thousand board feet after reaching an eight-month high of $615 in mid-November, reflecting a softened demand outlook for construction materials. US building permits extended their downturn in October dropping by a monthly 0.6%, from the previous month’s 3.1% decline. Housing starts in the U.S. also fell 3.1% in October, below expectations, with the broader trend showing continued challenges, with rising new home inventory and mortgage rates nearing 7%.
Rising mortgage rates, now at 6.84%, are further dampening new construction activity, reducing demand for building materials, and potentially driving prices down as competition among developers decreases. This rise aligns with Fed Funds futures reflecting a growing market shift, with fewer investors expecting a rate cut next month, as persistent inflation and signs of economic strength reinforce the case for a hawkish Federal Reserve stance.
Congratulations BANNJ Past President John Cioletti!
“View John’s congratulatory video from event here”
Member Education: Be sure to view/register for upcoming NAHB Professional Development Courses available for members at https://elearning.nahb.org/. Contact kathleen@bannj.org or 201-843-6868 to obtain your member PIN# or other credentials required to register for member pricing.
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
