FREDERICKSBURG - STAFFORD - SPOTSYLVANIA - CAROLINE - KING GEORGE - ORANGE - CULPEPER
January 2025
BUILDERS FRAMEWORK
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FREDERICKSBURG AREA BUILDERS ASSOCIATION
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Volume 8: Issue 01 January 2025
Ongoing lean levels of single- family existing home inventory helped to boost single-family production last month, while overall production fell because of a double-digit percentage drop in multifamily output. Overall housing starts decreased 1.8% in November to a seasonally adjusted annual rate of 1.29 million units, according to a report from HUD and the U.S. Census Bureau. The November reading of 1.29 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 6.4% to a 1.01 million seasonally adjusted annual rate. On a year-to-date basis, single-family construction is up 7.2%. The multifamily sector, which includes apartment buildings and condos, decreased 23.2% to an annualized 278,000 pace. On a regional and year-to-date basis, combined single-family and multifamily starts are 7.3% higher in the Northeast, 2.4% lower in the Midwest, 5.8% lower in the South and 5.9% lower in the West. Overall permits increased 6.1% to a 1.51 million unit annualized rate in November. Single-family permits increased 0.1% to a 972,000 unit rate and are up 8.0% on a year-to-date basis. Multifamily permits increased 19.0% to an annualized 533,000 pace. Looking at regional data on a year-to-date basis, permits are 3.2% higher in the North- east, 4.8% higher in the Midwest, 2.5% lower in the South and 7.0% lower in the West. The number of single-family units under construction is down 6.3% from a year ago, declining to 637,000. The number of multifamily units under construction is down 20.5% from a year ago, to 797,000 units.
Single-Family Starts Up, Multifamily Down in November
Use the IBS Preshow Planner 
The 2025 NAHB International Builders’ Show® (IBS) offers so much – learning, networking, discovering – plus great entertainment. From David Spade to Chris Janson, IBS 2025 has it all. Use the IBS Preshow Planner to guide your show experience, including the exhibit floor, the IBS Education Sessions and all the great parties and events. Register for the show at BuildersShow.com.
Workforce Bill Introduced in House
Reps. Juan Ciscomani (R-Ariz.), Marie Gluesenkamp Perez (D-Wash.), Ryan Zinke (R-Mont.) and Don Davis (D-N.C.) recently introduced the CONSTRUCTS Act in the House. The measure is companion legislation to the Senate bill introduced earlier this year by Sens. Jacky Rosen (D-Nev.) and Marsha Blackburn (R-Tenn.). It would bolster the construction workforce and improve the housing supply. The bipartisan CONSTRUCTS Act would expand opportunities for residential construction training at community colleges and technical schools.
NAHB Joins Suit Against Gas Ban 
NAHB and nine other business and housing groups seeking to overturn a regulation that would ban gas appliances have filed a lawsuit against Southern California air regulators. In their complaint filed in the U.S. District Court for the Central District of California, the groups contended that South Coast Air Quality Management District’s (SCAQMD) regulation violates the Energy Policy and Conservation Act (EPCA) of 1975. The lawsuit seeks to void the SCAQMD’s rule to ban certain gas appliances because it is pre-empted by EPCA. s.
Visit the Jobsite 
Safety Zone at IBS The IBS Jobsite Safety Zone is back and bigger than ever for the 2025 International Builders’ Show in Las Vegas, Feb. 25-27. Due to an overwhelming response from 2024 exhibitors, the Safety Zone has expanded its area and exhibitors by 50% in 2025. The Jobsite Safety Zone will be in the South Hall of the Las Vegas Convention Center. Beyond the great products, there will be live demonstrations every day from 9:30 a.m. to 2 p.m. at the Job-Site Safety Institute Training Pavilion. Learn how to use an automated external defibrillator (AED), how to navigate an OSHA inspection and how to properly administer Narcan. Register for the show at BuildersShow.com.
 Register Now for NAHB
Townhall Meetings NAHB's Senior Officers will host a series of Virtual Townhall Meetings on Tuesday, Feb. 4, 2025. The meetings are an important opportunity for members and HBA leadership to provide feedback to NAHB leadership on emerging issues in their local communities. These conversations will help shape the agendas for the leadership meetings at the 2025 International Builders’ Show. Register for the townhall meeting in your region.
Fed Signals Possibility of Fewer Rate Cuts in 2025
New PPE Rule from OSHA The Occupational Safety and Health Administration (OSHA) recently published a final rule revising its personal protective equipment (PPE) fit requirements for the construction industry. The revised standard will go into effect on Monday, Jan. 13, 2025. The Department of Labor says the revision to the standard adds specific language requiring that employers provide PPE that “properly fits†construction industry workers, and the change aligns the construction industry standard with the standard already in place for general industry. DOL is concerned that improperly sized PPE may be ineffective in protecting workers.
In a widely anticipated move, the Federal Reserve’s Federal Open Market Committee (FOMC) reduced the short-term federal funds rate by an additional 25 basis points at the conclusion of its December meeting. This reduces the top target rate to 4.5%. However, the Fed’s newly published forward-looking projections also noted a reduction in the number of federal funds rate cuts expected in 2025, from four in its last projection to just two 25 basis point reductions. For home builders and other residential construction market stakeholders, the new projections suggest an improved economic growth environment, one in which there is a smaller amount of monetary policy easing, leading to higher than previously expected interest rates for acquisition, development and construction (AD&C) loans. Thus, more economic growth but higher interest rates.
Read Building Women Magazine The latest edition of Building Women Magazine, available now to NAHB members, introduces 2024 Professional Women in Building (PWB) Chair Luellen Smith. The annual magazine features Smith’s mantra of "Building the Future with PWB" where she discusses prioritizing mentorship and growth including ramping up efforts for local council support and encouraging more women to engage in mentorship. It also spotlights how Smith’s early life on a farm helped her succeed in business, her dedication to volunteering, and how she built her career as an entrepreneur. Read the magazine and learn about the benefits of PWB member-
ship at nahb.org/womeninbuilding.
State & local tax revenue from property taxes paid reached $203.9 billion in the third quarter of 2024 (seasonally adjusted), according to the Census Bureau’s quarterly summary of state & local tax revenue. This marks a 2.8% increase from the revised $198.3 billion in the second quarter of 2024 and also marks the first quarter where property tax revenue topped $200 billion for state & local governments. YTD, total state & local tax revenue was $1.56 trillion. This was 5.4% higher than the $1.48 trillion through the first three quarters of 2023. The 2.8% quarterly increase in the property tax revenue was up from the previous quarter of 2.6%. Property tax revenues have grown at an average rate of 0.87% from 2009 to 2024. This quarter marks the fourth consecutive quarter of above average growth.
Property Tax Revenues Exceed $200 Billion in Q3 2024
Upcoming Meetings & Events
January 25th President's Gala Expo and convention center 6:00 PM February 5th Young Professionals meeting 3:30 - Rebellion Febraury 11th FABA University 11:30-1:00 February 12th Associates Committee Meeting 3:00 - FABA Office February 12th Membership Committee Meeting 4:30 - FABA Office February 19th Community Service Committee Meeting 2:00 - FABA Office
Calendar at a Glance
Culpepper County Spotlight February Hard Hat - February 20th Sponsored by Fred Nats and Ray's Siding Monthly membership meetings - bring a friend to our meetings on the second wednesday of the month
Membership Committee
The Membership Committee brings builder and associate members together to focus on recruitment of new members and retention of current members. This committee hold a meeting every 2nd Wednesday at 4:30 at the FABA office.
Stay tuned to find out who our 2024 Spike of the Year is! The winner will be announced at the President's Gala on January 25th!
Chair - Luke Moss. Ryan Homes
Help us spread the word about FABA!
The Associates Committee plans member events to promote doing business with members. These volunteers coordinate networking and social events for business connections. Stay tuned for new and exciting changes coming to this committee. This committee has a meeting every 2nd Wednesday at 3:00PM.
Click here to register
Chair- Teressa Taylor- Griffs . teressa@ttgva.com
Associates Committee
Register now for the FABA Women's Brunch
Associates Committee Meeting Second Wednesday of each month at 9:00 AM
Spring Golf is coming up on May 5th, treat your self to co-branded swag at the FABA Swag Store! Click here to shop
James Roberson 516 Project
Giving back to our community through servicing basic needs including food, housing and local charities related to the industry.
Tammy Reid | treid@uhm.com
Bring a friend to our next meeting! Join us at 3:30 at Rebellion on February 5th for our monthly meeting where we plan, create and connect! For any questions, please email Admin@fabava.com
Community Service Committee
Young Professionals Committee
To join the FABA Young Professionals committee email Meghan@fabava.com
The Community Service Committee started the year strong with their work day with Habitat for Humanity ReStore. Stay tuned for more upcoming community service projects!
Young Professionals committee is for individuals in the 21-45 age group to connect, and provides opportunities for professional development, social networking, mentoring, and personal growth for our members. 

Stat: A Trained, Affordable Workforce Remains a Major Priority for Home Builders October is Careers in Construction Month, and our industry is striving to change the narrative about working in the trades. It’s never been more critical because: 71% of home builders report that the availability and cost of workers is one of the most significant challenges they are currently facing. This translates into higher housing costs, increased home prices, difficulty completing projects on time, and lower economic growth. Current situation:One of the biggest challenges that prevent students from exploring construction careers stems from long-standing stereotypes and negative perceptions, especially among parents. As the primary influencers in their children’s career plans, parents play a crucial role in shaping their perceptions of our industry. What’s next:An NAHB-commissioned study explored parental perceptions of career decision-making and influences on their children. Thereportled to four recommended strategies: Share career experience and stay engaged, because the most powerful agents of change are current professionals who talk about construction careers and participate in their community. Connect with schools and teachers, who are trusted resources for career guidance and planning. Focus on job security and career pathways, since parents want to know that jobs pay well, allow for work-life balance and come with opportunities to advance. Highlight education and training, beginning early with part-time jobs and internships. Building Code: New Building Code Enforced Statewide Jan. 18, 2025 Every three years, Virginia updates the Virginia Uniform Statewide Building code that originates from the International Code Council’s model I-Codes. HBAV participates with the Virginia Board of Housing throughout the code adoption process. We have new resources to help you implement the updated codes, which will be enforced starting Jan. 18, 2025. Listen to the Virginia Builders Summit education session Review our October Regulatory Memo Review Residential Code updates in the 2021 Code Change Companion Guide,starting on page 62 If your organization still needs training, don’t forget that online code update training is now available for free through the Code Academy Learning Center. Access self-paced, online training through the Code Academy Learning Center Event: Day on the Hill on Jan. 29, 2025 in Richmond One of our most important annual events is our Day on the Hill, which will take place onShow up and show legislators that home building matters.Coordinate with your local HBA to schedule meetings with members of the General Assembly between 7:30 and 11 a.m. After meetings at the General Assembly, HBAV will host all members and guests for lunch and a debriefing.Register now. In the meantime, your HBAV team has begun to develop our Legislative Priorities for the 2025 General Assembly, which begins on Jan. 8, 2025. The HBAV Legislative Committee is currently reviewing 32 legislative recommendations submitted by local HBAs and members, and it will set the priorities before the end of the year. You can also review ourlegislative accomplishments from 2024. Craig Toalson, CAE
Chief Executive Officer
Home Builders Association of Virginia
Builder Bytes: Fall 2024
FABA has been working with our exclusive, private partner, Small Business Growth Partners (SBGP) to help our members reach maximum growth and potential through their one of a kind BPA Process. This has been refined for over 10 years of working exclusively with Builders, Remodelers & HBA Associate Members. As an exclusive FABA member benefit, we are offering you the chance to register for and redeem your 2021 Business Diagnostic & Plan of Actions. An annual BPA is included 100% with your FABA Member Benefits (A $2,200 value).
Learn More Here
Tommy & Ursula Kidd
2025 FABA Board of Directors
President Jeh Hicks Jarrell Properties 1st Vice President Mike King Ray's Siding 2nd Vice President Luke Moss Ryan Homes Secretary Tim Hall Tricord Homes Treasurer Jeremiah Horstick CORELOT Immediate Past President Marc Simes Tricord Homes Associate Vice President Teressa Taylor-Griffs TTG and Associates Executive Officer Maria Moore FABA Legal Counsel Charlie Payne Hirschler NAHB State Representative Dan Sandoval Republic Home Builders HBAV State Representative Jeh Hicks Jerrell Properties Builder Director James Roberson 516 Project Builder Director Krista Layman Spartan Homes Builder Director Brandon Serbay Built Right Homes Builder Director Jimmy Whitman Axis Properties LLC. Associate Director Sara Fila Legacy Engineering Associate Director Tammy Reid Union Home Mortgage Associate Director Nathan Dobbins The Riphean Group Associate Director Rick Furnival Sullivan, Donahoe & Ingalls Associate Director Daniel Hudson Holt For Homes Associate Director Kathy Roscoe Topdside FCU Life Builder Director Sean Halsey Halsey Homes Life Builder Director Dan Sandoval Republic Home Builders