It’s not exactly a secret that the U.S. has a housing affordability issue. And in light of the Federal Reserve raising interest rates this week, the housing issue may be deepening. With interest rates inching upward, borrowing costs to buy a house are higher, and so are the costs associated with building new homes.
A lack of ability to afford housing has broader implications beyond the economic growth directly associated with housing – it can also make it more difficult to move to take a new job and become a drag on economic vitality. The U.S. Chamber of Commerce held its annual Housing Summit in Washington D.C. this week to discuss the issue, hosting both federal officials and leaders from across the country. Metro Atlanta Chamber President and CEO Katie Kirkpatrick was at the event and featured in a discussion with Neil Bradley, executive vice president, chief policy officer and head of strategic advocacy at the U.S. Chamber of Commerce; and Karen Purcell, head of community development banking at J.P. Morgan.
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