Johnny Cope on mortgage rates
From Single-family home construction has bottomed in current macro environment: Builders FirstSource CEO · · CNBC Television
“Our home builder customers have done a great job of buying down rates, offering options that include less square footage, fewer options for the home, ways to afford that or ways to solve for their affordability challenge and, of course, we get the -- we're the benefactor of those successful transactions through additional building material sales.”
On , Johnny Cope, President of Commercial Operations at Builders FirstSource, spoke about mortgage rates during Single-family home construction has bottomed in current macro environment: Builders FirstSource CEO on CNBC Television.
About Johnny Cope
In a September 2023 interview, Builders FirstSource CEO Dave Rush stated that single-family home construction has "bottomed" in the current macro environment. He expressed optimism that full-year single-family activity would be down "single digits" compared to 2022, which he described as better than the company had expected. Rush attributed this outlook to builder strategies such as buying down mortgage rates and offering smaller homes, which he said have helped sustain demand. Rush noted that labor remains a challenge for both builders and his company. He said Builders FirstSource has invested over $100 million since 2021 in manufacturing operations to increase output per labor hour. He also stated that the company is focused on customer service and on-time delivery to help address affordability, and that its value-added prefabricated products are intended to reduce construction time and labor costs.