A key indicator of the labor market is the labor force participation rate. This rate is the percentage of working-age adults in a population who are working or looking for
The U.S. labor market finished 2024 with solid job growth and a decrease in the unemployment rate. In December, wage growth slowed. Wages grew at a 3.9% year-over-year (YOY) growth
With the end of 2024 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In March, Jing Fu compared homeowners and
Employment growth rebounded sharply in November after strike- and hurricane-related disruptions in October. The unemployment rate rose one percentage point to 4.2% after holding at 4.1% for two months in
House prices posted modest annual growth for the third quarter of 2024, as elevated mortgage rates kept many potential home buyers away from the housing market. Nonetheless, housing inventory has
The residential construction industry plays a crucial role in driving economic growth and local community development. It has a lasting impact on local communities by creating jobs, improving infrastructure, boosting
Wages for residential building workers grew at a fast pace of 9.9% in September, following a 10.8% gain in August. These year-over-year growth rates in the past four months were
Job growth decelerated significantly in October, driven by the effects of strikes and hurricanes. As stated in this month’s job report, October data are “the first collected since Hurricanes Helene
The U.S. economy grew at a solid pace in the third quarter of 2023, boosted by strong consumer spending and government spending. According to the “advance” estimate released by the
With elevated interest rates and rising home prices, 103.5 million households in the United States cannot afford a $495,750 median-priced new home. The growing affordability crisis makes housing a top
Home buyers moved off the sidelines in September following the Federal Reserve’s recent move to cut interest rates for the first time in four years. Sales of newly built, single-family
Nationally, nearly 140 million people in the United States routinely commuted to work, according to NAHB analysis of the 2023 American Community Survey data. Among these people, approximately 23.8 million
Residential improvement spending softened in 2023 due to elevated interest rates, high inflation, and sluggish home sales. According to the Bureau of Economic Analysis’ National Income and Product Accounts (NIPA),
The September jobs report indicates that the U.S. labor market remains strong. Job growth accelerated, and the unemployment rate fell to a three-month low of 4.1%. Meanwhile, job growth for
Today’s jobs report and the newly released preliminary estimate of the benchmark revision indicate that the U.S. labor market is slowing from its overheated state in 2021 and 2022 but
House price appreciation was recorded in all 50 states and the District of Columbia. Limited resale inventory and strong growth in demand continued to put upward pressure on house prices.
The labor market may not be as strong as previously estimated, according to the Bureau of Labor Statistics’ preliminary estimate of the upcoming annual benchmark revision to the establishment survey
Wood framing remains the most dominant construction method for completed single-family homes in the U.S., according to NAHB analysis of 2023 Census Bureau data. For 2023 completions, 93% of new