Small Business Jobs And Credit Act Of 2010
I rise in support of this amendment and thank Mr. Miller for this amendment, which will open the programs that include housing production loans to home builders, which are primarily small businesses. As we continue to see some positive…
I rise in support of this amendment and thank Mr. Miller for this amendment, which will open the programs that include housing production loans to home builders, which are primarily small businesses.
As we continue to see some positive signs in the economy, our housing market and construction industry show signs of distress. Moreover, the increase in foreclosures has created a perception of overstocked inventory in the housing market. However, this is not true everywhere. But the perception has forced the industry to shrink, cutting back on jobs and projects to save money. This downsizing has only made our economic troubles worse.
We must create an opportunity for jobs. In order to have a complete recovery, every aspect of our housing market needs to be supported, and that includes construction.
The construction industry has been a consistent source of jobs for the American people, and especially for the Latino community and many others. In 2006, employment in the construction sector was at 7.7 million. In just 2 years, the number has dropped to 5.6 million. The drop has been felt hardest in States like Nevada, Florida, and my home State of California, where the housing crisis has forced the construction industry to come to a standstill. In fact, we are now seeing Latino unemployment over 30 percent in the State of California, and then in my district, 17 percent overall for everyone.
In the committee's testimony, the National Association of Home Builders stated that the bill will do little to produce jobs and free up credit for builders. If our goal is to pass legislation that will work to create jobs, we must target our resources where they are most needed.
This amendment will address these concerns that include housing production loans to our Nation's home builders, who are comprised primarily of small businesses. Our housing collapse led our country into this economic crisis, and creating incentives to allow the housing market to thrive will help bring us out of this recession.
Again, I thank Mr. Miller for his hard work on this amendment. I urge my colleagues to support this amendment.