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GNO Home Builders Lobby for Lower Interest Rates, Construction Costs

NEW ORLEANS — As the HBAGNO celebrates National Homeownership Month in June, builders across the metro area are calling on the White House to immediately address the issues that threaten housing affordability.

“Most Americans consider homeownership to be the single best long-term investment and a primary source of wealth and financial security,” said Dan Mills, HBAGNO CEO. “With rapidly rising interest rates and higher construction costs, the American Dream of safe and affordable housing is at risk.”

Since the beginning of 2022, mortgage interest rates jumped more than 1.9 percentage points and building material prices have increased by 8%, according to the National Association of Home Builders. A recent national public opinion survey by NAHB reveals that more than half (51%) of adults in the U.S. say housing affordability is a major problem.

In Louisiana, 48% of adults say housing affordability is a major problem.

In response to the growing housing affordability crisis, members of the home building industry in Louisiana signed on to a letter from NAHB to the White House seeking immediate remedies to lumber and building material supply chain bottlenecks to lower construction costs and increase production of badly needed affordable housing.

“Many homeowners count on their home equity to fund retirement, their children’s education, and other important needs,” added Mills. “As members of the community, we will continue to advocate for public policies that support affordable housing opportunities for all.”

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