Eye On Housing
Framing Methods for Single-Family Homes: 2018
Wood framing remains the most dominant construction method for single-family homes in the U.S., according to NAHB analysis of Census Bureau data. For 2018 completions, 93% of new homes were wood-framed. Another 7% were concrete homes, and less than half a percent were steel-framed. These shares have remained fairly stable over the last five years. In absolute terms, 778,000 single-family… Read More ›
Recent Posts
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Real Rent Index Edges Up in September
In September, NAHB’s Real Rent Index increased 0.2 percent over August’s reading, after essentially no growth between June and August (Figure 1). Over the first nine months of 2019, the average monthly growth rate of the Real Rent Index was 0.13%, slightly higher than the average of 0.11% in 2018. NAHB constructs a “real” rent index to indicate whether inflation… Read More ›
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Consumer Prices Were Unchanged in September
The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) was unchanged in September on a seasonally adjusted basis, after a 0.1% increase in August. Excluding the volatile food and energy components, the “core” CPI increased by 0.1% in September, following a 0.3% increase for three straight months (June, July and August). Over the month of September,… Read More ›
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Construction Job Openings Steady
Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings increased in August. The estimated number of job openings in the construction sector increased to 379,000 after reaching a post-Great Recession high of 434,000 in April. The August 2019 count of unfilled jobs represents a year-over-year gain relative to the 315,000 estimated unfilled construction jobs… Read More ›
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Highest Paid Occupations in Construction in 2018
According to the 2018 Bureau of Labor Statistics Occupational Employment Statistics (OES) Survey data and analysis by the National Association of Home Builders (NAHB), half of payroll workers in construction earn more than $47,290 and the top 25% make at least $66,290. In comparison, the U.S. median wage is $38,640, while the top quartile (top 25%) makes at least $62,510…. Read More ›
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Year-to-Date Price Growth of Building Materials is Slowest in Years
Prices paid for goods used in residential construction decreased by 0.3% in September (not seasonally adjusted) according to the latest Producer Price Index (PPI) released by the Bureau of Labor Statistics. Building materials prices have declined an average of 0.1% per month over the last 12 months, and the price of goods used in residential construction has risen 1.7% in… Read More ›
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Nonrevolving Debt Surges
The Federal Reserve’s latest G.19 Consumer Credit Report shows rising trends in consumer credit, excluding loans secured by real estate, through August 2019. In August, consumer credit increased at a seasonally adjusted annual rate of 5.3 percent from the previous month, with revolving debt1 decreasing by 2.2% and nonrevolving debt2 increasing by 7.8%. Consumer credit totaled $4.1 trillion on a… Read More ›
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Top Community Features Wanted by Millennials Home Buyers
A park area is the top community feature wanted by Millennial home buyers (71 percent), according to an NAHB report, What Home Buyers Really Want (2019 edition) (Figure 1, hover over bars for total shares). The report is based on a survey asking prospective and recent home buyers about the features they want in a home or community. As part… Read More ›
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Single-Family Starts Growth Slowed in Six Divisions
According to NAHB analysis of the Survey of Construction (SOC), nationally, there were 881,076 new single-family units started in 2018, 4% higher than the units started in 2017. It was the double of the units started in 2011, and still 49% less than the peak of 2007 (1,731,171 units). Among all the nine Census divisions, new single-family units started in… Read More ›
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Unemployment Falls to 3.5% in September
The job market is slowing but still showing solid gains as total employment increased by 136,000 and the unemployment rate declined by 0.2 percentage points to 3.5%. Residential construction employment increased by 3,400 in September, after an increase of 100 jobs in August (revised). Total construction industry (both residential and nonresidential) employment totaled about 7.5 million in September. The Bureau… Read More ›