Eye On Housing
Author Archives
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Aging Construction Workforce
NAHB analysis of the most recent 2017 American Community Survey (ACS) data reveals that the median age of construction workers is 42, a year older than a typical worker in the national labor force. Aging construction workers and the ongoing labor shortage are two major headwinds for home builders and the overall construction industry. As home building sector continues its… Read More ›
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Spending on Residential Improvements Edges Down in March
The most recent data from Construction Spending showed that spending on residential improvements fell to a seasonally adjusted annual rate of $173 billion in March 2019, down by 3.1% over February estimate, and was 14.1% lower than a year ago. Residential Improvement Spending has experienced weakness after reaching the peak of $216.7 billion in April 2018. The recent downward trend… Read More ›
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Private Residential Construction Spending Declines in the First Quarter 2019
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $500.9 billion in March, the lowest level since December 2016. It was the third consecutive monthly decrease after a rebound in December 2018. The total private residential construction spending was down by 1.8% in March after a… Read More ›
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Personal Income Edges Up in March
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income inched up 0.1% in March after a 0.2% gain in February and a 0.1% decrease in January. Gains in personal income are largely driven by increases in compensation of employees. Year over year, personal income increased by 3.8%. Real disposable income, income remaining after… Read More ›
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Homeownership Rate Dips to 64.2%
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate declined to 64.2% in the first quarter of 2019, which is 0.6 percentage points lower than the last quarter reading of 64.8%. However, it is virtually unchanged from the first quarter of 2018. The rate of homeownership is still on an upward trend after dropping to a… Read More ›
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Personal Income Edges Up in February
The most recent data release from the Bureau of Economic Analysis shows that personal income was up by 0.2% in February after a 0.1% dip in January 2019. The increase of personal income in February was mostly driven by increases in wages and salaries, government social benefits to persons, and proprietor’s income. Real disposable income*, income after adjusted for taxes… Read More ›
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Updated Snapshot of Local HBA Economics and Housing Statistics
NAHB recently updated the online tool that provides economic and housing market statistics for all local Home Builder Associations (HBAs). It covers twelve key economic and demographic statistics at three different levels, which allows local HBAs to easily compare local housing markets to other associations, state and/or national figures. Note that this unique data is organized according to HBA jurisdictional… Read More ›
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Multifamily Construction Spending Hits New Record High
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $536.7 billion in December. It was down 1.4% for the month after a 3.4% increase in November. Total private residential spending was 3.3% higher in 2018 relative to 2017. Multifamily construction spending hit a new record high,… Read More ›
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Strong Owner Household Formations in 2018
According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate increased in the last quarter of 2018 and now stands at 64.8%. The national homeownership rate is on a sustainable upward trend, after dropping to a cycle low of 62.9% in the second quarter 2016. Compared to the peak of 69.2% by the end of 2004, the… Read More ›
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Multifamily Construction Spending Reaches Record High in November
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $542.5 billion in November. It was up 3.5% this month after three consecutive monthly decreases. Total private residential construction spending was 0.8% higher than a year ago. The monthly gain is largely attributed to the steady growth… Read More ›