Eye On Housing
Given the growing number of economic impacts from mitigation efforts associated with the coronavirus, early 2020 labor market data is of much reduced analytical value. However, the data help to describe where the economy was before the shocks of March and the potential for gains in an eventual rebound we expect to take hold during the fourth quarter. February data… Read More ›
For the first time in decades, headship rates of young adults ages 25-34 increased in 2018. This was a hopeful indicator that the troublesome trend of rising shares of young adults living with parents, relatives or sharing house with roommates finally reversed. Whether the trend reversal can be sustained through and post the coronavirus outbreak depends on the duration and… Read More ›
The second week of NAHB’s online poll showed that several of the coronavirus’s impacts on the residential construction industry have become more widespread and severe. Once again, traffic ranked as the most widespread problem, with 93 percent of respondents saying the coronavirus has had an adverse impact on traffic of prospective buyers. This result is based on 318 responses collected… Read More ›
Year-over-year (YoY), total nonfarm employment increased by 2.4 million jobs on a seasonally adjusted basis (SA), or 1.6% from February 2019 to February 2020. During this time, total nonfarm employment in the Western region increased by 1.8%. The South, Northeast, and Midwest recorded gains at 1.5%, 1.0% and 0.4% respectively, during this time. It is important to note that this… Read More ›
Earlier this month, we published a post highlighting a high and rising reliance of construction on immigrant workers. Foreign-born workers now account for almost a quarter of workers in the construction industry, and close to 30% of construction tradesmen. In some states, reliance on foreign-born labor is even more pronounced. Immigrants comprise close to 40% of the construction workforce in… Read More ›
In a survey conducted by NAHB online in recent days, 81 percent of respondents said the coronavirus has had an adverse effect on traffic of prospective buyers. The survey, which was publicized in various internal NAHB communications and social media, collected 308 responses between March 18 and March 23. The largest share of responses (51 percent) came from single-family home… Read More ›
New home sales were solid in February before challenges associated with the coronavirus set in on the economy. Contracts for new, single-family home sales declined slightly in February by 4% to a 756,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. However, this marked a 14% gain over the February 2019… Read More ›
Given the growing number of economic impacts from mitigation efforts associated with the coronavirus, early 2020 labor market data is of reduced value. However, the data help to describe where the economy was before the shocks of March. January data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings posted year-over-year decline at the… Read More ›
Builder confidence in the market for newly-built single-family homes fell two points to 72 in March, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Sentiment levels have held in a firm range in the low- to mid-70s for the past six months. Builder confidence remains solid, although sales expectations for the next six months… Read More ›
Due to the spreading economic damage caused by mitigation efforts to slow the spread of the coronavirus, the Federal Reserve provided an immediate round of monetary policy stimulus. The policy announcement included: A cut in the federal funds rate to a top rate of 0.25% The discount rate was effectively lowered from 1.25% to 0.25% as a means of ensuring… Read More ›