The National Association of Home Builders (NAHB) announced cutbacks on staff and operating costs that will result in the savings of $11.5 million for the association in 2009.
The move was described by President and CEO Jerry Howard as “by far my toughest and most difficult decision,” in his 20 years at the NAHB.
"With our builders and other members of the housing industry confronting the most serious recession in more than 50 years, we are announcing today that NAHB is cutting $11.5 million from its operating budget to ensure that NAHB remains the premier advocacy and service trade association for the residential construction industry,” he said, in a prepared statement.
The organization will eliminate 52 positions, of which half are currently vacant. Certain expenditures previously approved for 2009 will also be reduced.
The cost cutting was brought on by what Howard called “stark financial realities.” The NAHB’s two main sources of income – membership and trade shows – are expected to be down significantly in 2009.
"By taking this action now, we help position the association to maintain its advocacy leadership and vital services for an industry struggling in the toughest economic environment seen in generations."