Tag Archive for ‘economics’

Private Residential Spending Grew in February

NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of $533.4 billion in February, a gain of 0.1% from the upwardly revised estimate of January. Over the past 12 months, total private residential construction spending was up 5.5%. The monthly gains are largely attributed to the large increase… Read More ›

NAHB Releases New Home Building Employment Estimates by State

The new NAHB study presents the most recent and comprehensive estimates of home building employment, including self-employed workers, by state. NAHB Economics estimates that out of 9.8 million people working in construction in 2016, more than 3.8 million people worked in residential construction, accounting for 2.5% of the US employed civilian labor force. These numbers reflect modest but steady job… Read More ›

Strong Employment Growth Across Most States in February 2018

According to the Bureau of Labor Statistics, nonfarm payroll employment increased in 43 states and the District of Columbia, unchanged in Wyoming, and decreased in six states in February 2018 compared to January 2018. Year-over-year, 46 states and the District of Columbia increased in employment while three states, Alaska, North Dakota, and Delaware, lost payroll employment during this time. Louisiana… Read More ›

US Economy Grew Faster Than Previously Estimated

According to the Bureau of Economic Analysis, the economy grew faster in the fourth quarter of 2017 than was originally estimated. The third estimate of GDP growth in the quarter 2.9 percent, was faster than the 2.6 percent “advance” estimate and the 2.5 percent second estimate. It confirms that the economy grew faster than its potential, strongly indicating that the… Read More ›

GDP Grew In Every State in the Third Quarter Of 2017

Real gross domestic product (GDP) increased in every state and the District of Columbia in the third quarter of 2017, according to the U.S. Bureau of Economic Analysis. Thirty-one states and the District of Columbia recorded growth in the third quarter compared to the second quarter while 17 states reported a decline in this time period. Two states, Tennessee, and Utah… Read More ›

Pending Home Sales Rebound

After a slow start to the year, the Pending Home Sales Index increased 3.1% in February, but remains 4.1% below a year ago. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI increased to 107.5 in February from a downwardly 104.3 in January. The PHSI… Read More ›

February New Home Sales Flat After Upward Revisions to Prior Months

Contracts for new, single-family home sales were effectively flat in February, inching down 0.6% to a 618,000 seasonally adjusted annual rate, according to estimates from the joint release of HUD and the Census Bureau. Matching solid readings of the NAHB/Wells Fargo HMI measure of home builder confidence, new home sales data for prior months were revised up. For example, the initial January estimate… Read More ›

Fed Raises Key Policy Rate

As was widely expected, the Federal Open Market Committee (the FOMC) raised its key interest rate 25 basis points to a range of 1.50 percent to 1.75 percent following its March meeting. The Fed noted that its decision reflected “realized and expected labor market conditions and inflation”, but that the current level of the federal funds rate remains “accommodative”, supporting… Read More ›

Existing Sales Increase 3 Percent in February

Existing-home sales increased 3.0% in February, but the first-time buyer share remained at 29%, compared to 31% a year ago. The National Association of Realtors reported that 46% of homes sold last month were on the market less than a month. The February inventory increased 4.6%, but remains 8.1% below the level a year ago, and has decreased for 33… Read More ›

Construction Job Openings Near Post-Recession High

The count of unfilled jobs in the construction sector increased in January, nearing a post-recession high set in July of 2017. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs increased to 250,000 at the start of the year. The post-recession high count of open, unfilled construction jobs… Read More ›