IV
107TH CONGRESS
2D SESSION
H. RES. 418
Recognizing the construction and home building industries and their construc-
tion 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 reces-
sion in March 2001 and struggled for the remainder of
the year;
Whereas 906,000 units of housing were sold in 2001, estab-
lishing 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;
•HRES 418 IH
Whereas low interest rates and a lean existing housing inven-
tory 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 Feb-
ruary 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 ac-
count for approximately 14 percent of the Nation’s gross
domestic product and significantly affect other closely re-
lated sectors of the economy;
Whereas home builders utilize a wide variety of building ma-
terials 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 fur-
nish, 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, elec-
•HRES 418 IH
trical contractors, glaziers, plumbing contractors, masons,
architects, surveyors, inspectors, roofers, landscape archi-
tects, heating and cooling contractors, engineers, paint-
ers, 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 recog-
nizes the construction and home building industries and
their construction activity—
(1) for the stabilizing forces they provided dur-
ing the economic recession in 2001; and
(2) for the momentum they are currently pro-
viding to economic recovery in the United States.
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