Tag Archive for ‘economics’

Builder Confidence Surpasses Key Benchmark in July

Builder confidence in the market for newly-built single-family homes rose four points to a reading of 53 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Any reading over 50 indicates that more builders view sales conditions as good than poor. The July reading marks the first time since January that the index has been above a level of… Read More ›

The Economic Impact of the Affordable Housing Credit

In addition to ensuring the supply of affordable rental housing, the Low-Income Housing Tax Credit (LIHTC) supports jobs and provides benefits to the economy. Using the NAHB economic impact model of home building, revised industry estimates reveal that the LIHTC program supports almost 96,000 jobs in a typical year. NAHB recently updated its economic impact model of home building, which indicate that… Read More ›

FOMC Minutes From the June Meeting – October Surprise?

Last week the Federal Reserve released the minutes from the Federal Open Market Committee (FOMC) meeting held June 17-18. Following its standard procedure the Fed released a statement immediately following the meeting announcing the major policy decisions, and released the minutes from the meeting, providing a more in-depth view of the deliberations, three weeks later. It has become a foregone… Read More ›

Construction Job Openings Rise in May

The number of open, unfilled construction sector jobs rebounded in May as the overall economy improved from the start of the year. According to the BLS Job Openings and Labor Turnover Survey (JOLTS), the number of open construction sector jobs increased on a seasonally adjusted basis from 92,000 in April to 130,000 in May. The May count of unfilled construction jobs is the… Read More ›

Renewable Energy in New Homes

A rising number of new homes include renewable energy features, a trend that is apparent in both single-family and multifamily construction. McGraw Hill Construction’s data and analytics team surveyed a set of NAHB single-family and multifamily members in 2013. According to the findings, 12% of single-family builders reported including solar photovoltaic panels in new home construction in 2013. More popular… Read More ›

Eye on the Economy: Home Sales Surge after Slow First Quarter

Housing news continued to improve as pending home sales surged following a slow first quarter. Home prices also continued to move higher but at a more moderate pace, suggesting the extra push caused by investors may be slowing. Economic news, however, was mixed. Consumer confidence increased in response to improving labor market conditions. On the other hand, new estimates from… Read More ›

New Home Prices by Metro Area and State

In response to frequent requests from its members, NAHB Economics recently released its estimates of new single-family home prices by state and metro area. The most expensive new single family homes are built and sold in three Northeastern states: Connecticut, Massachusetts and New York – with their respective median new single-family home prices of $491,425, $432,724 and $411,169. District of… Read More ›

Builders See Shortages of Labor and—Especially—Subcontractors

Data from a June 2014 NAHB survey show that shortages of labor and subcontractors have become substantially more widespread since 2013.   Shortages are particularly acute for workers with basic skills like carpentry, who are needed in significant numbers during the construction of any home. The incidence of reported shortages is also surprisingly high relative to the current state of new home construction, which… Read More ›

(In)stability in Special Trade Employment

NAHB tabulations of employment data from the Bureau of Labor Statistics (BLS) show that nearly 1.4 million specialty trade (or subcontractor) employees left the industry from 2006 to 2011. In spite of the significant drop in the number of specialty trade employees observed in the BLS data on companies, annual statistics for specialty trade nonemployer firms (one-person firms) have been… Read More ›