Green Building: Resiliency Practices
Green homes go beyond lessening their environmental impact; they also actively mitigate the effects of…
Green Building: Resiliency Practices
Green homes go beyond lessening their environmental impact; they also actively mitigate the effects of the environment upon them. All homes can face damage from environmental hazards, prompting builders to implement resiliency practices to reduce such risks. This post will detail the prevalence of resiliency building, specific practices by hazard, as well as resiliency certification…
Buyer Preference for a Detached Home Remains Strong
A recent NAHB study on home buyer preferences* found that a single-family detached home remains the first purchase option for two of every three buyers. Far smaller shares are looking to buy a townhome (16%), a multifamily home (10%), or a manufactured home (5%). In the face of such strong preference for a detached home,…
State Level Employment Situation: March 2024
Nonfarm payroll employment increased in 44 states in March compared to the previous month, while six states and the District of Columbia saw a decrease. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 303,000 in March, following a gain of 270,000 jobs in February. On a month-over-month basis, employment…
Existing Home Sales Decline in March
After reaching the 12-month high last month, existing home sales retreated in March due to lingering high mortgage rates, according to the National Association of Realtors (NAR). Meanwhile, low resale inventory and strong demand continued to drive up existing home prices, marking the ninth consecutive month of year-over-year median sales price increases. Eventually, mortgage rates…
Highest Paid Occupations in Construction in 2023
Half of payroll workers in construction earn more than $58,500 and the top 25% make at least $79,450, according to the latest May 2023 Bureau of Labor Statistics Occupational Employment and Wage Statistics (OEWS) and analysis by the National Association of Home Builders (NAHB). In comparison, the U.S. median wage is $48,060, while the top…
How Quickly Do Prices Respond to Monetary Policy?
As economist Milton Friedman once quipped, monetary policy has a history of operating with “long and variable lags.”[1] What Friedman was expressing is that it takes some time for the true effects of monetary policy, like the changing of the federal funds rate, to permeate completely through the larger economy. While some industries, like housing,…