Huber Bongolan

September 2020: National Economic Snapshot of Employment & Housing

Deck from Genesis Capital
Read Date: 9/2020

  • Workspace policies are including an online questionnaire and temperature check for all employees, vendors and visitors to their sites
  • August national construction employment experienced a 2.2% increase versus March 2020, but is still down 1.7% compared to 2019 levels
  • Residential developers appear to be ramping up production as July 2020 witnessed the highest number of new home permit filings since June 2006
  • The South still outpaces the rest of the nation by more than double the number of units permitted
  • New home permit filings are reflective of both current and future economic outlooks, serving as indicators of consumer confidence and how homebuilders are perceiving changes to the market
  • Nationwide monthly housing starts surpassed pre-2007 recession metrics
  • “Housing starts” are new residential construction projects that begin during any particular month
  • The increase in housing starts indicates developers’ and lenders’ bullish outlook on the national housing market
  • New home starts are typically a key indicator of economic strength as residential construction has overarching impacts on most other industries
  • A brief slowdown in starts can signal a large issue like COVID-19 or even the 2008 Recession

Published by CredibleCRE

Huber Bongolan has 9 years of experience in commercial and residential real estate finance. Mr. Bongolan has sourced $700+ million in debt and equity financing for land, construction, bridge, and permanent deals in all product types. Huber received a double bachelors, Business Economics and International Studies, from UC Irvine where he graduated Cum Laude. He then earned a double masters, MBA and MRED, with Program Distinctions, from University of Southern California. Mr. Bongolan is an Eagle Scout in the Boy Scouts of America, and holds leadership positions in both ULI (Urban Land Institute) and FIIRE (Filipinos in Institutional Real Estate). He enjoys competitive sports, mentoring youth, and teaching personal finance. Huber also enjoys writing about Real Estate trending topics and education. His blog posts can be found on https://medium.com/@huber_60971

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