Tag Archive for ‘economics’

Housing Construction Continues Forward

Permits to build new homes increased 4.1% in October to a level of 1.15 million per year. Both single-family and multifamily levels increased by 2.4% and 6.8% respectively. On a year-to-date basis, total permits are up 11.9%; single-family are up 8.6% and multifamily are up 17.2% as the housing market continues its modest pace of recovery. Housing starts were down… Read More ›

Rebounding Energy Prices in October

Energy prices rebounded and the Consumer Price Index (CPI) rose moderately in October. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose at a seasonally adjusted annual rate of 2.4% in October after a 1.8% decline in September and a 0.8% decline in August. Excluding the volatile food and energy components, “core” CPI rose at… Read More ›

Builders Retrench

Builders’ sentiment dropped back to levels more consistent with the second half of 2015 after an upward bounce in October. The November NAHB/Wells Fargo Housing Market Index dropped three points from an upwardly revised October level to 62. The index has been above 60 since June 2015 and remains well above the tipping point of 50 where more builders see… Read More ›

Job Openings in Construction: September Data

The count of construction job openings declined in September as hiring in the home building sector remained slow. The average monthly employment gain for builders and remodelers has been approximately 4,700 over the last six months. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis, the number of open construction sector jobs (on a seasonally adjusted basis) dipped to… Read More ›

Eye on the Economy: Interest Rate Hike in December?

***Eye on the Economy is a biweekly survey of NAHB’s economic and housing analysis from Chief Economist David Crowe. The Federal Reserve’s monetary policy committee did not increase short-term interest rates at the conclusion of its October meeting, but most analysts expect an increase in the coming months. However, recent macroeconomic data have been mixed, which may delay until next year… Read More ›

Share of Remodelers Reporting Labor Shortages Climbs Even Higher

Eighty percent of remodelers reported a shortage of finished carpenters (and 41 percent said the shortage was serious), according to special questions on NAHB’s Remodeling Market Index (RMI) survey in the 3rd quarter of 2015. That’s 8 percentage points higher than NAHB remodelers were reporting just a year ago. The RMI survey asked remodelers about availability of labor in the 12 categories recommended by Home… Read More ›

Apartment Absorptions for the Second Quarter

The rental apartment market continued to be strong during the second quarter of 2015, as multifamily production levels remain elevated. According to NAHB analysis of the most recent data from the Census Bureau and Department of Housing and Urban Development Survey of Market Absorption of Apartments (SOMA), completions of privately financed, unsubsidized, unfurnished rental apartments in buildings with five or more units totaled… Read More ›

55+ Housing Market Still Going Strong in the Third Quarter

Builder confidence in the 55+ housing market remained strong in the third quarter of 2015, according to results from NAHB’s 55+ Housing Market Index (55+ HMI) survey.  Survey results show the 55+ HMI for single-family housing increasing to 60—up three points from the previous quarter and marking the sixth consecutive quarter the single-family 55+ HMI has been above the break-even point of 50 (which… Read More ›

Cost of Constructing a Single-family Home in 2015

The NAHB recently published its latest Cost of Construction Survey. The survey shows that the average home was built on 20,129 square feet (about a half an acre) of land, had 2,802 square feet of finished space, and sold for an average of $468,318. Results further show that 61.8 percent of the average home sale price consisted of construction costs,… Read More ›