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Pros and Cons of Licensing, How Government Regulations Can Harm Job Creation

May 25th, 2017 Comments off
ProsandConsofLicensingHowGovernmentRegulationsCanHarmJobCreationcreditYouTube-postedtothedailybusinessnewsmhpronewsmhlivingnews

Does over regulation create a caption may I environment? Credit: YouTube.

In the U.S., a number of professions and businesses are regulated to varying degrees. While some are obviously necessary, others present questions – and responses – from individuals and businesses alike, who wonder if having to play the game of “captain may I?” is meant to help or hurt them.

Research from the Brookings Institute takes a look at the logic, and the lack of it in some instances, as it relates to licensing.

It is important to realize that occupational licenses are not mere state-sponsored certificates to signal that workers have completed some level of training; occupational licensing laws forbid people from practicing in their occupation without meeting state requirements,” the Institute said in a report.

If the rationale for licensing an electrician is to protect public safety, it is difficult to see what rationale supports licensing travel guides. Yet, twenty-one states require a license for travel guides. Among these, Nevada has created the highest hurdle: a person hoping to be a travel guide in that state must put in 733 days of training and shell out $1,500 for the license.”

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Credit: Brookings Institute.

Then, there’s the other side.

There can be an obvious disconnect between the strictness of licensing regulations and the potential harm to consumer safety. For example, Michigan requires 1,460 days of education and training to become an athletic trainer, but just 26 to be an emergency medical technician (EMT). In fact, across all states, interior designers, barbers, cosmetologists, and manicurists all face greater average licensing requirements than do EMTs,” said the institute.

According to the Washington Times, special-interest groups often promote state licensing to benefit themselves at the expense of entrepreneurs, small-business owners and consumers.

And, it seems that this problem has exploded.

The percentage of U.S. workers who need government permission to practice their occupation has grown from 5 percent in the 1950s to nearly 30 percent today. Studies suggest this has caused 2.8 million fewer jobs in our economy and more than $200 billion in additional annual costs for consumers.

ProsandConsofLicensingHowGovernmentRegulationsCanHarmJobCreationcreditBROOKINGS2-postedtothedailybusinessnewsmhpronewsmhlivingnews

The Brookings Institute study shows a state-by-state breakdown of licensing and implementation. Credit: Brookings Institute.

The Times points to an instance in Oregon, where licensing requirements can be enforced in ways that are unjust, and in the case of a licensing board just downright bizarre.

Recently, an Oregon resident spoke out publicly about the timing of the traffic lights in his city after his wife received a red light camera ticket. Based on calculations he had performed, he argued that the yellow light was too short.

For his trouble, he reportedly earned a $500 ticket from the state board of engineers for “the unlicensed practice of engineering.”

 

A Look from the Manufactured Housing Industry

Dodd_Frank___bloombergbusinessweek___credit postedDailyBusinessNewsMHProNews

Credit: Bloomberg.

As Daily Business News readers are already aware, job creation and economic growth are regularly noted in quarterly reports as a factor in manufactured housing sales. The adverse effects of regulation were pointed out in 2015, when award-winning writer Jan Hollingsworth recounted the story of the older gentleman, likely a farmer, in bib overalls who visited a manufactured home dealership in Kentucky.

After two hours of perusing the possibilities of different homes, he chose one. But when he asked the salesman for help in filling out the finance application, he was told federal regulations prevent manufactured home retailers from assisting customers. The man left, unhappy, and later found a salesman elsewhere who was willing to break the rules to provide the old farmer with what may be the house of his dreams.

The story highlights the incongruities written into the Dodd-Frank Act, and enforced by the Consumer Financial Protection Bureau (CFPB).

He wasn’t asking the salesman to do anything that a real estate agent doesn’t do every day. It just makes no sense at all,” said Barry Noffsinger, a regional manager for CU Factory Built Lending, one of the nation’s leading MH lenders.

BarryNoffsingerCreditMHProNews-

Barry Noffsinger, photo credit, MHProNews.

With compliance costs quadrupling in recent years for MH lenders, as Don Glisson, Jr., CEO of Triad Financial Services says, many small banks, credit unions and other MH lenders have shuttered their MH lending operations, leaving prospective buyers to rely on high interest loans, or else continue renting. ##

 

 

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

 

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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Rain and Clouds Don’t Dampen Ohio Manufactured Home Show’s Strong Public Attendance

May 19th, 2014 Comments off


shoppers-manufactured-homes-eastern-ohio-home-show-credit-omho-ribbon-cutting--posted-masthead-blog-mhpronews-com300xCool, cloudy and rainy weather failed to dampen the solid turnout of the public who came by the thousands to see modern manufactured and modular homes on display during the Eastern Ohio Home Show. Tim Williams, executive director for the Ohio Manufactured Homes Association, provided MHProNews with these officials totals:

Public Show Attendance for Friday, May 16th, 2014 (56 degrees, intermittent rain, hours 4 PM – 8 PM) = 337

Public Show Attendance for Saturday May 17th, 2014 (54 degrees, rain, Hours 9 AM – 6 PM) = 1,149

Public Show Attendance for Sunday May 18th, 2014 (63, partly cloudy hours noon to 5 PM) = 1,010

Total of 2.5 days of public Show Attendance = 2,496

Industry Day Attendance (Friday May 16th, 9 AM to 3:30 PM) = 397

Total of all three days and both industry and public attendance = 2,893

Richard “Dick” Jennison said, “Tim, On behalf of myself and the entire MHI membership, I would like to extend a resounding round of applause to you, the Board of Directors of OMHA and the legion of volunteers who made the inaugural Eastern Ohio Home Show such a huge success!  Having the public see and tour our affordable and quality homes is an idea long overdue and a show format for others to emulate.  Great Show and a Great Job to all!” ##

(Photo Credit = Ohio Manufactured Homes Association)

New Home Sales Rise in August

September 26th, 2013 Comments off

The National Association of Home Builders (NAHB) reports August sales of new, single-family homes rose 7.9 percent to a seasonally-adjusted annual rate (SAAR) of 421,000 units, offsetting a slight decline in July resulting from a rise in mortgage rates. Says NAHB Chief Economist David Crowe, “We are only about halfway back to what would be considered a sustainable level of activity in a normal economy, and the ongoing housing recovery continues to be slowed by consumers’ concerns about interest rates, as well as weak job growth and uncertainty about what’s happening in Washington.” As MHProNews has learned, regionally new home sales in the South increased 15.3 percent, 19.6 percent in the Midwest, and 8.8 percent in the Northeast. Only the West experienced a decline, falling 14.6 percent.

(Photo credit: Reuters–new home sold)

Mark Dotzour: Texas Housing Recovery in Full Swing

September 25th, 2013 Comments off

The Chief Economist of the Real Estate Center at Texas A&M University forecasts higher prices, reduced inventory and more home sales in 2014 for the state. Mark Dotzour says, “If you are a real estate professional in Texas, I would suggest that you not take a vacation at all in 2014. It is shaping up to be a busy year.” As MHProNews has learned, Texas suffered less than most other regions of the country during the recession, and the state has added 459,000 jobs since Jan. 2012, according to Dotzour, and he expects that to continue through 2014. According to timesrecordernews.com, although mortgage rates are slowly rising, they remain at historically low rates. Adds Dotzour: “In the late ‘70s, we thought 8 percent mortgages were cheap. Five percent was unheard of. Now the media is saying higher mortgage rates will make houses unaffordable and derail the housing recovery. It won’t. Look at the numbers for housing affordability indexes in Texas and the nation. Houses have never been more affordable, if you have a job.”

(Image credit: forbes.com)

Millennials not Quick to Buy Home

September 19th, 2013 Comments off

A USA Today survey of Census Bureau data reveals the Millennial Generation, those between 25 and 34, buoyed the renters’ ranks by some one million from 2006 to 2011, while homeownership dropped nearly 1.4 million. For some of that generation renting is a result of liftstyle and finances—they may take another job elsewhere, and in some cases do not want the ties that come with homeownership. Rental agents say occupants are older, more often single and are staying longer than they have in the past. Equity Residential has left behind properties in smaller markets like Detroit and Minneapolis and delved into major markets like New York, Boston and San Francisco. “I think they are embracing the social lifestyle of high-density urban living,” says Equity Residential CEO David Neithercut of the young adults. However, as MHProNews has learned, a Trulia survey in June revealed that 94 percent of renters 18-34 still plan to own a home someday.

(Image credit: rentdirect.com)

Improving Markets Index Slips Slightly

August 6th, 2013 Comments off

The National Association of Home Builders (NAHB)/First American Improving Markets Index (IMI) for August lost eight markets from the listing in July, dropping to 247 metropolitan areas that show improvement, but three times the number included one year-ago August. The index measures job growth, home price appreciation and single-family housing permit growth, areas that must show improvement for six consecutive months before a metro area can be included on the list. NAHB Chairman Rick Judson says, “In all, 244 metros that were listed as improving in July retained that status in August, and this is an encouraging sign of the continuing housing recovery.” As MHProNews has learned, nearly 70 percent of all U. S. metro areas are represented on the list which includes 49 of the states and the District of Columbia.

(Photo credit: mattheafey)

Job Growth Keeps Pace with Population Growth

July 5th, 2013 Comments off

While the unemployment rate remained at 7.6 percent, job growth in June hit 195,000, 40,000 more than economists expected and equal to the revised rate for May, 2013. While construction and manufacturing changed little, the biggest gains were in leisure and hospitality (up 75,000), professional and business services (up 53,000) and retail (up 37,000). While noting that three-fourths of the new jobs would qualify as low-quality work, J. J. Kinahan, of TD Ameritrade, says wages grew faster in June than the 12-month average. Economists say this level of job growth just keeps pace with the population level, and pales compared to the 250,000 jobs created monthly during the 1990’s, according to CNNMoney. As MHProNews understands, job growth is key to a healthy housing market.

(Photo credit: ebay)

Indiana County has Highest Job Growth in the Nation

July 2nd, 2013 Comments off

Elkhart County in northern Ind. topped the nation for job growth in 2012 with a rate of 7.4 percent from Dec. 2011 to Dec. 2012, as compared to a national rate of 1.9 percent, according to the U. S. Bureau of Labor Statistics. The county, and neighboring LaGrange County, are the hubs of recreational vehicle production, the sister industry of manufactured housing (MH), turning out 83 percent of the nation’s RV’s. Manufacturing employment grew 11.6 percent in the county last year, adding 5,479 jobs, rvbusiness states. As MHProNews knows, the area is also home to several MH builders as well as component suppliers to the factory-built home industry.

(Photo credit: Wikipedia–manufactured home chassis)

Falling Income may Stall Recovery

May 9th, 2013 Comments off

According to cbsnews, a report based on recent data from the Census Bureau American Community Survey states that the percentage of renters paying over 50 percent of their income increased from 22.8 percent to 26.4 percent. The foreclosure crisis, falling home prices, and tighter credit drove former homeowners into rentals and simultaneously prevented renters from moving on to homeownership, further increasing the demand for rentals and driving up costs. Renting expenses rose six percent from 2008 to 2011, while income of those renting dropped 3.2 percent. Although homeowners experienced a drop of 3.2 percent in housing costs, income fell 4.2 percent, increasing the burden of homeownership. Co-author of the report, Janet Viveiros says “We really need to be thinking about long-term solutions on the ownership side and making sure that renters have access to enough affordable communities.” Housing affordability affects the amount of money spent on food, healthcare, and other needs and wants that feed the economy, as MHProNews understands. Bottom line: The lack of job and income growth will keep the economic recovery in low gear.

(Image credit: Forbes)

Federal Reserve’s Bond-Buying May End by Next Year

May 2nd, 2013 Comments off

According to nationalmortgagenews, a survey of economists by Bloomberg reports Federal Reserve Chairman Ben Bernanke is expected to reduce the quantitative easing that has been used to bolster the economy from $85 billion monthly to $50 billion by year’s end. That would be followed by a second cut to $30 billion next year and then an end to bond buying altogether, providing interest rates do not suddenly shoot up. Former Fed economist Joseph LaVorgna, noting the accommodation withdrawal is unprecedented territory, says, “You want to see how the market is going to digest a cut in purchases so you want to do it in a way that minimizes the disruption.” The Fed started purchasing $40 billion a month of mortgage-backed securities is Sept., 2012 and then increased it by $45 billion in Dec. Sixty-one percent of the 47 economists in the survey say they expect the bond-buying to end in the first half of 2014. As MHProNews has learned after its last meeting March 20, the Fed pledged to keep buying securities until there is substantial improvement in the job market.

(Image credit: Fotosearch)