Federal Reserve chairman addresses homebuilder challenges
Federal Reserve Chairman Jerome Powell discussed the challenges homebuilders are facing during a Senate Banking Committee hearing July 11, according to Bloomberg Law.
Powell said a series of factors are holding back homebuilders, including higher material costs, the ongoing skilled labor shortage, and President Trump’s immigration and tariffs policies. Tariffs drive up costs for homebuilders, and strict immigration policies exacerbate the worker shortage.
“Materials costs too have gone up, and some of that is tariffs, for sure,” Powell said. “The homebuilders feel almost like they’ve been hit by a perfect storm.”
Diane Hendricks again tops Forbes’ list of richest self-made women
Diane Hendricks, co-founder and chairman of One Voice member ABC Supply Co. Inc., Beloit, Wis., has topped the list of America’s Richest Self-made Women in Forbes magazine for a second consecutive year. Hendricks’ net worth increased to $7 billion from $4.9 billion in 2018.
ABC Supply is a roofing material distribution enterprise Hendricks started in 1982 with her late husband, Ken. She has led the company to enormous success; ABC Supply now has 780 branch locations and $10.5 billion in sales. Under her leadership, ABC Supply also completed the two biggest acquisitions in its history—buying rival Bradco in 2010 and building materials distributor L&W Supply in 2016.
Hendricks has donated to various Wisconsin nonprofits, including Beloit College, Beloit Hospital and the WisconsinEye Public Affairs Network.
Roofing Alliance calls for award entries
The Roofing Alliance is seeking nominations for its 2020 Gold Circle Awards program, which recognizes NRCA and Roofing Alliance members for their outstanding contributions to the roofing industry. Gold Circle Awards categories include outstanding workmanship/innovative solutions and safety preparedness and performance. Unique roofing-related projects, programs and services completed between June 1, 2017, and May 31, 2019, are eligible for the competition. The deadline for entries is Oct. 18. Winners will be honored during the NRCA Industry Awards Ceremony and Cocktail Reception Feb. 5, 2020, at NRCA’s 133rd Annual Convention in Dallas.
The Roofing Alliance also is accepting entries for its Most Valuable Player Awards Program. MVP Awards formally recognize outstanding workers who achieve work-related and personal goals to which others aspire. Workers employed by an NRCA member or nonmember roofing contracting, manufacturing or distribution firm are eligible. From roofing contracting firms, any field worker, foreman or superintendent can be nominated, and from manufacturing and distribution firms, any warehouse employee, warehouse foreman, driver or equipment operator can be nominated. Nominations are based on significant contributions in two categories: outstanding on-the-job performance/workmanship and outstanding performance/other noteworthy contributions outside the workplace. Each category is judged separately, and individuals can be nominated for one or both categories. The deadline for entries is Nov. 15.
MVP Awards winners will receive two complimentary coach airfare tickets and two nights’ hotel accommodations for NRCA’s 133rd Annual Convention. Each winner also will receive one complimentary conference registration and exhibit hall pass to the 2020 International Roofing Expo,® two complimentary tickets to the NRCA Industry Awards Ceremony and Cocktail Reception, and a $100 American Express gift card. Winners will be formally recognized during the NRCA Industry Awards Ceremony and Cocktail Reception.
One MVP Awards winner will be chosen as Professional Roofing’s Best of the Best. Co-sponsored by Professional Roofing and OMG® Roofing Products Inc., Agawam, Mass., the recognition will include a special prize and feature article in Professional Roofing magazine.
All MVP Awards winners will be recognized in Professional Roofing, NRCA’s For Members Only newsletter, the Roofing Alliance Update and on the Roofing Alliance’s website, www.roofingalliance.net. Winners also will be the focus of press releases sent to local and national media and industry trade press.
For more information or to obtain entry forms, go to www.roofingalliance.net/gold-circle-awards-program and www.roofingalliance.net/programs/mvp or contact Bennett Judson, the Roofing Alliance’s executive director, at (847) 299-9070, ext. 7513 or firstname.lastname@example.org.
Small businesses receive expanded retirement savings options
On July 29, the Trump administration issued a new rule that expands small businesses’ access to an existing 401(k)-type retirement savings benefit by allowing more associations of employers to join. Under the rule, multiple employer plans are open to self-employed people and can be formed by industry or geographical location.
The administration says the goal is to expand retirement coverage to the 38 million private-sector employees who currently do not have that option.
“Many small businesses would like to offer retirement benefits to their employees but are discouraged by the cost and complexity of running their own plans,” says acting Secretary of Labor Patrick Pizzella.
A House-passed bill that currently is pending in the Senate reportedly offers additional ways to expand retirement security.
The new rule takes effect Sept. 30. Public comments can be submitted through Oct. 29.
Students win Melvin Kruger Endowed Scholarships
This year’s new scholarship recipients are Joseph Castellucia (Dan Cohen Scholarship), son of Joseph Castellucia, vice president of Chris Andersen Roofing Co., Hopelawn, N.J.; Davis Edwards, son of Van Edwards, COO of Midsouth Roof Systems, Forest Park, Ga.; Matthew Killgore (OMG Roofing Products Scholarship), son of Charles Killgore, vice president of Delta Roofing & Sheet Metal, West Memphis, Ark.; Morgan Patterson (OMG Roofing Products Scholarship), daughter of James Patterson, vice president of procurement for CentiMark Corp., Canonsburg, Pa.; and Calvin Raymore, son of Calvin Raymore, senior vice president of safety and risk for CentiMark.
The Melvin Kruger Endowed Scholarship Program, which permanently replaced the Roofing Alliance’s previous scholarship program in 2008, provides recipients with $5,000 per year based on eligibility for up to four years of enrollment at an accredited college, university or vocational-technical school. NRCA contractor or supplier member companies’ full-time employees or their immediate family members are eligible for the merit-based scholarships.
In addition, the Roofing Alliance renewed six Melvin Kruger Endowed Scholarships for the 2019-20 academic year. The recipients include Salvador Flores Garcia, who is attending the University of California, Berkeley, and was awarded the Beacon Roofing Supply Scholarship; Elaina Krumholz, who is attending the University of Minnesota, Twin Cities, Minneapolis, and was awarded the Fred Good Scholarship; Sophia McGuire, who is attending the University of Alabama, Tuscaloosa, and was awarded the William A. Good Scholarship; Alyssa Merna, who is attending Olivet Nazarene University, Bourbonnais, Ill., and was awarded a Firestone Scholarship; John Paynter, who is attending East Carolina University, Greenville, S.C.; and Cameron Tickerhoff, who is attending Penn State University, University Park, Pa., and was awarded a Firestone Scholarship.
The Roofing Alliance awarded $30,000 for scholarship renewals and $25,000 for five new scholarships for a total of $55,000 for the 2019-20 academic year. To date, 130 students have received $845,000 in scholarship funds.
For more information about the Melvin Kruger Endowed Scholarship Program, visit www.roofingalliance.net/programs/scholarship or contact Bennett Judson, the Roofing Alliance’s executive director, at (800) 323-9545, ext. 7513 or email@example.com.