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[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 418 Introduced in House (IH)]

107th CONGRESS
  2d Session
H. RES. 418

  Recognizing the construction and home building industries and their 
  construction activity for the economic stability and momentum they 
              provide to the economy of the United States.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              May 14, 2002

 Mr. Gary G. Miller of California submitted the following resolution; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                               RESOLUTION

 
  Recognizing the construction and home building industries and their 
  construction activity for the economic stability and momentum they 
              provide to the economy of the United States.

Whereas the economy of the United States entered into recession in March 2001 
        and struggled for the remainder of the year;
Whereas 906,000 units of housing were sold in 2001, establishing a new record 
        for a single year;
Whereas in 2001, the construction industry added 59,000 jobs even though a total 
        of 1,049,000 jobs were lost in the United States;
Whereas housing is normally viewed as a cyclical business that declines in a 
        weak economy;
Whereas low interest rates and a lean existing housing inventory contributed to 
        the strength of the housing industry;
Whereas the United States Bureau of the Census reported that the number of 
        single family housing starts in February 2002 was 13 percent greater 
        than such number for February 2001, and was the highest level since 
        December 1978;
Whereas multifamily housing starts remained strong during the year from February 
        2001 to February 2002;
Whereas the construction industry built $843,000,000,000 worth of construction 
        in 2001;
Whereas housing production and housing-related services account for 
        approximately 14 percent of the Nation's gross domestic product and 
        significantly affect other closely related sectors of the economy;
Whereas home builders utilize a wide variety of building materials supplied by 
        building materials dealers and their construction activity in 2001 
        contributed to a 2.5 percent production increase of ready-mixed 
        concrete;
Whereas purchasers of newly built homes are an important factor in consumer 
        spending through purchases to furnish, decorate, and improve a new home, 
        and during the 12 months after the purchase of a newly built home spend 
        an average of $8,600, which is $5,500 more than the average amount spent 
        by consumers not changing residences;
Whereas the construction industry employs nearly 8,500,000 people in the United 
        States, and consists of 16 percent of the self-employment in the United 
        States;
Whereas the home building industry provides employment to numerous skilled 
        employees, including carpenters, electrical contractors, glaziers, 
        plumbing contractors, masons, architects, surveyors, inspectors, 
        roofers, landscape architects, heating and cooling contractors, 
        engineers, painters, and general contractors; and
Whereas the home building industry works in conjunction with realtors, 
        appraisers, and home finance lenders, such as community banks, mortgage 
        brokers, and credit unions: Now, therefore, be it
    Resolved, That the House of Representatives recognizes the 
construction and home building industries and their construction 
activity--
            (1) for the stabilizing forces they provided during the 
        economic recession in 2001; and
            (2) for the momentum they are currently providing to 
        economic recovery in the United States.
                                 <all>
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