Tag Archive for ‘economics’

U.S. GDP Rebounded in the Third Quarter

The U.S. economy rose at the fastest rate on record in the third quarter of 2020 as the economy recovery took hold. Real GDP in the third quarter was close to the pre-recession level, but further recovery is needed. According to the “advance” estimate  released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an… Read More ›

New Home Sales Growth Rate Slows in September

After a surge in the pace of new home sales in July and August, the growth rate of newly built single-family home slowed in September. While still strong, the growth rate of new home sales exceeded construction starts by a historic margin at the end of the summer, necessitating an increase in starts and some slowing of sales. According to… Read More ›

Slower Jobs Gains in September: State-Level Analysis

Nonfarm payroll employment increased in 41 states in September compared to the previous month. The largest increase came from New York, which added 109,300 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 661,000 over the month of September, following an increase of 1.5 million jobs in August. Month-over-month (MoM), total… Read More ›

Home Building Continues Historic Climb

Single-family starts experienced continued gains in September, according to data from the U.S. Department of Housing and Urban Development and the Census Bureau. Contrasting the different subsectors of housing, while single-family permits are showing continued strength, multifamily permits continue to weaken as a consequence of the 2020 virus crisis. The pace of single-family starts in September was the highest production… Read More ›

Builder Confidence Continues Record Climb

In a further show of strength for the housing sector, builder confidence in the market for newly-built single-family homes increased two points to 85 in October, further surpassing the previous all-time high of 83 recorded in September, according to the latest NAHB/Wells Fargo Housing Market Index (HMI). These are the first two months the index has ever been above 80…. Read More ›

Over 90% of East South Central New Homes Have Porches

Of the single-family homes started in 2019, 64.7 percent came with porches, according to NAHB tabulation of data from the Survey of Construction (SOC, conducted by the U.S. Census Bureau with partial funding from the Department of Housing and Urban Development). Historically, the SOC shows the share of single-family homes with porches increasing regularly to a high of 65.7 percent in 2011 before dropping to under… Read More ›

Home Building: Sales Outpacing Starts by a Historic Margin

After a sharp decline in the spring, home building has staged a dramatic rebound. In fact, supported by low mortgage rates, an evolving geography of housing preferences, and favorable demographic tailwinds, housing demand has improved so quickly that the current difference between the pace of newly-built single-family home sales and for-sale single-family construction starts has reached a historic level. The… Read More ›

Modular and Other Non-Site Built Housing In 2019

The total market share of non-site built single-family homes (modular and panelized) declined to 3% of single-family completions in 2019, according to Census Bureau Survey of Construction data and NAHB analysis. This share is expected to rise moderately in 2020 and in the years ahead, due to the ongoing labor shortage in the residential construction sector and the need to lift labor… Read More ›

Construction Labor Market Adjustment Continues

The shock and fallout to the construction labor market from the recession of 2020 continued in early Fall as housing activity strengthened due to low interest rates. After an accelerated pace of layoffs in March and April, construction hiring roared back in May and June, per data from the BLS Job Openings and Labor Turnover Survey (JOLTS).  More recent July… Read More ›