The National Association of Home Builders (NAHB) has cut 52 jobs from its payroll and reduced other operating expenses that will result in $11.5 million in savings.
Jerry Howard, president and CEO of the association, called the current situation in a press release "the most serious recession in more than 50 years.”
“In my 20 years at NAHB, including the past eight years as president and CEO, this is by far my toughest and most difficult decision,” he says.
“The staff cutbacks touch on the careers of dedicated professionals who have been committed to the mission of our industry. They are good, talented and hard-working people. Nevertheless, the stark financial realities confronting our association and industry cannot be ignored."
Howard says that projected income from NAHB’s two principal sources — membership and trade shows — will be down significantly in 2009.
In addition to the layoffs, which took place immediately, NAHB will also be sharply reducing expenditures previously approved for 2009.