Eye On Housing
Author Archives
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Slab Foundations Are More Common in New Single-family Homes
NAHB analysis of the Survey of Construction (SOC) shows that 63.2% of all new single-family started in 2019 were built on slab foundations, followed by 22.6% with a full/partial basement and 13.0% with a crawl space. The gap between slab and full/partial basement foundation adoption rates is growing: the share of new homes built on slabs steadily increased from 46.0%… Read More ›
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Private Residential Construction Spending Up 2.8% in September
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $610.9 billion in September. It was up 2.8% over the August estimates, marking the fourth consecutive month of growth. Total private residential construction spending was 9.9% higher than a year ago. The monthly gain is largely attributed… Read More ›
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September Gains in Personal Income
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased to a seasonally adjusted annual rate (SAAR) of $19,804 billion in September. It was up 0.9%, after a 2.5% decline in August when the weekly unemployment supplement payment of $600 expired. This increase in personal income largely came from the gains of proprietors’… Read More ›
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Homeownership During the Third Quarter: Technical Issues
The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate declined to 67.4% in the third quarter of 2020, from 67.9% in the prior quarter. The elevated homeownership rates are line with increases in both existing and new home sales in the second quarter. The national rental vacancy rate increased, while the homeowner vacancy rate remained unchanged. However,… Read More ›
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Nation’s Stock of Second Homes
According to NAHB estimates, the total count of second homes was 7.5 million, accounting for 5.5% of the total housing stock in 2018, the most recent data available. As of 2018, the state with the largest stock of second homes was Florida (1.1 million), accounting for 14.5% of all second homes. South Dakota had the smallest stock, approximately 20,000 second… Read More ›
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Personal Income Declined in August
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income decreased in August to a seasonally adjusted annual rate (SAAR) of $19,493 billion. It dropped 2.7% in August due to the expiration of the expanded unemployment insurance benefit, which provided a weekly supplement payment of $600 for the unemployed through the end of July…. Read More ›
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Strong Gains in August for Single-family Construction
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $589.4 billion in August. It was up 3.7% over the upwardly revised July estimates. Total private residential construction spending was 6.7% higher than a year ago. The monthly gain is largely attributed to the steady growth of… Read More ›
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Time to Build a Single-Family Home in 2019
The 2019 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 8.1 months, which usually includes a little over a month from authorization to start and another 7 months to finish the construction. The average time to build a single-family home has been on an upward trend since 2014… Read More ›
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Good News for Women in Construction: Employment Rising
The number of women employed in the construction industry grew substantially in 2019 rising to around 1.2 million, surpassing the peak of pre-recession employment level. As the construction skilled labor shortage remains a key challenge, adding new workers is an important goal of the industry. Bringing additional women into the construction labor force represents a potential opportunity for the future…. Read More ›
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Apartment Construction Took Longer in 2019
The average length of time to complete construction of a multifamily building, after obtaining authorization, is 17.3 months, according to the 2019 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time has been on an upward trend since 2013, as regulatory challenges expanded and the skilled labor shortage challenged the industry. The average time to build multifamily homes… Read More ›