2024 Election: What’s at stake for the construction industry?

With the 2024 election, home builders are bracing for big changes. The new president could shake up tax laws, ramp up infrastructure spending or tweak environmental rules – all of which could hit your business.

While builders are pros at adapting, staying on top of these shifts is the key to thriving.

Our hosts of “The Building Code” podcast, Courtney and Charley, shared a conversation with Jim Tobin, president and CEO of the National Association of Home Builders on the latest episode. They delve into how the election results may impact the construction industry, from shifts in housing policy and regulations to economic factors that influence the cost and availability of materials.

With over two decades of experience in government affairs and public policy, Jim has played a pivotal role in shaping NAHB’s advocacy efforts on Capitol Hill. He’s helped influence housing legislation, regulatory reforms and policies that impact home builders and the broader construction industry. He also leads the organization in advancing the interests of its members and promoting the value of homeownership across the U.S.

On the episode, Jim provides valuable insights into what builders can expect and how they can prepare for potential changes, regardless of the election outcome.

Here are a couple key takeaways from the episode:

Why is the 2024 election so important for the future of the construction industry?

The 2024 election holds unprecedented significance for the construction industry because, for the first time, housing is one of the prominent policies on the table.

“In my career in Washington DC, this is the first time where housing is the centerpiece of the presidential candidate’s economic plans, and not just housing, but housing supply,” Jim said. “So, the candidates do matter, and more importantly, the policies that they’re talking about and how we can influence those policies over the next four years are critical to how this industry continues to build in the future.”

The focus on housing supply could lead to meaningful changes that address the industry’s biggest challenges, such as affordability and labor shortages, making this election crucial for the future of home building and home buying.

What are you anticipating as some of the effects to construction once the 2024 election ends?

The election could bring both opportunities and challenges to the construction industry, particularly when it comes to the availability and cost of building materials. Jim expects building materials to see some fluctuations and spikes over the next year or so due to increase in demand.

As the results unfolds, policies related to trade, infrastructure and supply chains could significantly influence material costs, creating both upward momentum and short-term volatility. Builders will need to stay nimble and prepared for these fluctuations as the political and economic landscape shifts.

“It’s a whole of government issue at the moment, and if you’re a builder or a developer, you should listen to the candidates and find out if they’ve got proposals that are going to help you,” Jim said.

How can builders prepare for potential shifts in the industry and economy?

As the election draws nearer, home builders and industry professionals should remain vigilant and stay informed about potential policy changes. While it’s impossible to predict the future, understanding the key areas where government decisions can impact construction – such as housing incentives, labor regulations and tariffs on building materials – can help builders prepare for any outcome.

“NAHB.org is a resource. We’ve got a whole election 2024 campaign page where you can go and see our take on those proposals and where we’ve separated them out,” Jim said. “Then, obviously, other housing providers. There’s a lot of information out there when it comes to housing policy.”

The election’s results could shape the direction of the housing market and the construction industry as a whole. But with preparation and a clear strategy, you can weather the changes ahead and continue to thrive, regardless of the political landscape.

How does Buildertrend help fortify businesses for any challenge? 

In a time of economic uncertainty and potential regulatory changes, having the right tools in place can make all the difference in keeping a business on stable ground. Buildertrend’s construction management software is designed to help builders stay organized, efficient and ready for any challenge the industry might face. With features for scheduling, budgeting, materials management and communication to keep all project stakeholders connected, streamlining workflows and minimizing costly delays.

Buildertrend also offers financial tools and in-depth reporting services that allow you to monitor costs and track trends, so you can make more informed decisions in response to market changes. Whether it’s navigating rising material prices or adjusting to new regulations, Buildertrend provides the resources and flexibility builders need to remain resilient and competitive, no matter what challenges the future may hold.

Now is also a great time to make sure your project management processes are in top shape. Schedule a Buildertrend demo today and prepare your business for success.

Want to get all of the insights from this episode of “The Building Code” podcast? Tune in now.