Orlando — Although multifamily housing starts are expected to slightly moderate this year and in 2019, production levels are projected to remain stable in a range considered normal, according to experts participating in a press conference today during the National Association of Home Builders (NAHB) International Builders’ Show in Orlando, Fla. “For the foreseeable future Read more
Industry News
Orlando — Although multifamily housing starts are expected to slightly moderate this year and in 2019, production levels are projected to remain stable in a range considered normal, according to experts participating in a press conference today during the National Association of Home Builders (NAHB) International Builders’ Show in Orlando, Fla.
“For the foreseeable future, production of multifamily housing is expected to be running at a trend level where supply is meeting demand,” said NAHB Senior Economist Michael Neal.
Multifamily starts are expected to edge 2 percent lower this year to 354,000 units from a projected 360,000 total in 2017 and fall another 3 percent to 344,000 in 2019.
However, Neal noted this does not indicate weakness in this market segment. “From 1995 through 2005, multifamily starts averaged 335,000,” he said. “Construction activity during the past four years has been running above this trend, and we are seeing the market stabilizing near more normal production levels.”
Ironically, one factor contributing to the stabilization of multifamily activity is the low inventory of homes on the for-sale market. “Fewer homes for sale means that some renter households looking to own will have to rent for longer than they may anticipate,” he said.
Meanwhile, the national rental vacancy rate registered a slight uptick last year, but stands at its low mid-1990s level of 7.5 percent.
Steven E. Lawson, president of The Lawson Companies in Virginia Beach, Va., whose firm builds both affordable and market-rate housing, addressed the predicted increasing demand for affordable rentals as a growing number of households are rent burdened, meaning they are paying too much of their income in rent.
“Demand is far outstripping supply and the supply-side of the equation is constrained by Low-Income Housing Tax Credit pricing, rising construction costs and higher interest rates,” said Lawson.
While the new tax reform law has significantly lowered corporate tax rates, it has also reduced tax credit prices, said Lawson.
“Rising labor and materials costs as well as falling prices for Low-Income Housing Tax Credits have changed the landscape so that some projected affordable projects are no longer viable,” said Lawson. “Moreover, labor shortages are driving up labor costs and spreading out construction schedules.”
On the plus side, the newly enacted pro-growth tax law will mean lower tax rates for most individuals in all income groups, which will put more money into the pockets of hard-working families, including renter households.
Furthermore, NAHB successfully championed the retention of private activity bonds as part of the new tax law, which will enable the Low-Income Housing Tax Credit to maintain its effectiveness as the most indispensable tool for the production of affordable housing.
Once again, Care to Ride will be using an online fundraising site to help you seek donations and to help you manage your campaign. Those donating can do so directly by credit card, relieving the burden of collecting money and submitting it to Oil Heat Cares. A minimum pledge of $100 by all individual participants Read more
Once again, Care to Ride will be using an online fundraising site to help you seek donations and to help you manage your campaign. Those donating can do so directly by credit card, relieving the burden of collecting money and submitting it to Oil Heat Cares.
A minimum pledge of $100 by all individual participants and $600 for a team is required. We encourage you to enlist the support of friends, family and co-workers, or you may pay the fee on your own. You can ride a motorcycle, bicycle, walk or run, all for a good cause—raising funds for our neighbors in need.
The Annual Care to Ride fundraiser has set a goal of $35,000. You can raise money individually or sign up as a team and share that link with your team members.
When you set up your profile, please include a photo of yourself or your team and don’t forget to share it on Facebook.
Credit cards are the simplest, but checks may be used if preferred. Checks can be made payable to Oil Heat Cares and mailed to 312 North Avenue East, Suite 5, Cranford, NJ 07016 or brought to the event on Monday, May 21, 2018.
Tucson, Ariz. — Pueblo Mechanical & Controls (“Pueblo”) announced that Huron Capital has invested in the Tucson, Arizona-based company, in partnership with management and industry veteran Dan Bueschel. Founded in 2001 by Steve Barry and Arlene Bleakney, Pueblo provides a full spectrum of HVAC replacement, retrofit and repair services primarily for facilities in education, municipal Read more
Tucson, Ariz. — Pueblo Mechanical & Controls (“Pueblo”) announced that Huron Capital has invested in the Tucson, Arizona-based company, in partnership with management and industry veteran Dan Bueschel. Founded in 2001 by Steve Barry and Arlene Bleakney, Pueblo provides a full spectrum of HVAC replacement, retrofit and repair services primarily for facilities in education, municipal, and healthcare end markets throughout Arizona.
Bueschel is assuming the CEO role at Pueblo, partnering with Huron Capital to pursue a buy-and-build strategy in the commercial HVAC market. Pueblo will be seeking add-on acquisition opportunities locally and in surrounding states, including Texas, Colorado, New Mexico, and Utah. Barry will remain a significant shareholder and continue to work at Pueblo in an active business development role.
“Arlene and I are happy to be partnering with Huron Capital and Dan Bueschel,” said Barry. “Huron Capital has extensive experience helping companies grow through acquisition, and we are excited about where Pueblo can go from here.”
“I’m excited to take on the CEO role at Pueblo,” added Bueschel. “The Company has a history of providing great service to its customers, and I look forward to working with Huron Capital and Steve Barry to pursue the next stages of growth for Pueblo.”
Lubbock, Texas — Simmons Pump LLC (Simmons) and Simflo Pumps Inc. (Simflo), two of the nation’s top providers of industrial, agriculture, and municipal-use pumps, have merged. The two companies will combine business operations throughout Q1 2018. The combined company will be privately held and operate under the SIMFLO name and brand. Simmons Pump LLC (Simmons) Read more
Lubbock, Texas — Simmons Pump LLC (Simmons) and Simflo Pumps Inc. (Simflo), two of the nation’s top providers of industrial, agriculture, and municipal-use pumps, have merged. The two companies will combine business operations throughout Q1 2018. The combined company will be privately held and operate under the SIMFLO name and brand.
Simmons Pump LLC (Simmons) and Simflo Pumps Inc. (Simflo), two of the nation’s top providers of industrial, agriculture, and municipal-use pumps, have merged. The new combined company will be headquartered in Lubbock, Texas, and operate under the new SIMFLO name & brand (www.SIMFLO.com).
David Pickering, Jay Pickering, Don Pickering, and Gene Alexander (currently of Simmons) have been named executive officers of the new SIMFLO. The headquarters for the new company will be located in Lubbock, Texas, although SIMFLO will still have significant office presences in Willcox, Arizona (Simflo’s former headquarters) and in Garden City, Kansas.
All 120 employees of Simmons and Simflo have been retained. In addition, SIMFLO anticipates increasing its workforce by 10 percent this year alone and has plans of opening new locations in other U.S. markets in the near future.
“We are thrilled to join forces and merge with our highly regarded peer, Simmons Pump,” said Bob Denton, senior project manager at Simflo. “With Simflo’s renowned engineers, R&D labs and testing facilities, combined with the leadership of Simmons’ highly successful management team and industry-leading pump technologies, we are bullish in our ability to seize the green field opportunity ahead and become the market leader in our segment.”
The combined SIMFLO company will engineer, manufacture, source, and deliver best-in-class pump products and technologies for major industrial users, including municipal water services, agriculture, manufacturing, mining, chemicals, hydrocarbons, and saltwater extraction. The company’s offerings will remain American-made and manufactured.
“The combination of Simmons and Simflo is a highly strategic, value-enhancing step that brings together the unique strengths of two great companies to deliver best-in-class pump technologies and services to our customers across the U.S.,” said Troy Pickering, vice president of sales and marketing at Simmons. “We are a company built on not just quality, but principle. Our founder, Raymond Pickering, believed that each product we produce should be made state-side by American workers with the utmost attention to detail – and that holds true today. From our involvement with the foundries, to our manufacturing and assembly facilities, virtually every aspect of a SIMFLO pump is created in-house to provide the highest level of performance in the industry. Simply put, the new SIMFLO exists to ‘keep business flowing’.”
Orlando—An optimistic home building industry filled the exhibit halls of Orlando’s Orange County Convention Center as the National Association of Home Builders (NAHB) hosted one of the largest turnouts in recent years at the NAHB International Builders’ Show® (IBS) Jan. 9-11. Home building professionals from around the world attended this year’s IBS–the biggest component of Read more
Orlando—An optimistic home building industry filled the exhibit halls of Orlando’s Orange County Convention Center as the National Association of Home Builders (NAHB) hosted one of the largest turnouts in recent years at the NAHB International Builders’ Show® (IBS) Jan. 9-11.
Home building professionals from around the world attended this year’s IBS–the biggest component of the annual Design & Construction Week®, which also includes the Kitchen & Bath Industry Show (KBIS). The combined events drew more than 85,000 attendees. Of that total, about 60,000 were IBS registrants.
“Each and every year, a tremendous amount of work goes into making IBS an extremely valuable, can’t-miss event for anyone in residential construction,” said Geoff Cassidy, NAHB senior vice president of exhibitions and meetings. “And once again, the show was an incredible success with a palpable enthusiasm reflective of the momentum in the home building industry.”
Exhibit space for IBS also expanded from last year’s 569,000 square feet to this year’s 583,000 square feet, where more than 1,500 exhibitors displayed the latest in building products and technology. Many of the exhibitors noted the increased foot traffic this year.
“The show is back and we were extremely busy all week,” said Vicki Frye, director of corporate marketing for Ply Gem, a leading manufacturer of vinyl, steel and composite siding. “People are eager to know what’s new, so we had a lot of fun showing them a wide variety of real products for real projects, from entry-level and do-it-yourself, to higher price point homes.”
In addition to meeting suppliers and seeing product demos throughout the three-day show, attendees networked with peers and attended any of more than 140 education sessions led by industry experts on a wide range of industry topics.
“After attending just two [education] sessions, I already found exactly what I came for,” said Walt Schumm, a custom home builder and president of C.D., LLC in Crestwood, Ky. “I’ve made several new connections with whom I think we’ll strike up business relationships. Plus, it’s really interesting to see a huge presence from Asian and European vendors on the show floor. The products they’ve got on display are just unbelievable.”
Next year, IBS and Design & Construction Week will be held in Las Vegas Feb. 19-21, 2019.