Tag Archive for ‘economics’

Flat Conditions for Single-Family Built-for-Rent Construction

The number of single-family homes built-for-rent has held steady over the last year amidst declines for other forms of home construction.  (You can read more here on how single-family built-for-rent homes differ from for-sale construction.) According to NAHB’s analysis of data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design, there were 11,000 single-family built-for-rent starts for… Read More ›

Single-Family Starts Continue Improvement in July

According to estimates from the U.S. Housing and Urban Development and Commerce Department, the pace of single-family construction continued to improve in July. After reaching a post-winter low annualized rate of 814,000 in April, single-family starts expanded to an 876,000 pace in July, a 1.3% gain over the revised June estimate. However, single-family starts remain 3.3% lower a on a… Read More ›

Top 10 Features Millennials Want—and Don’t Want

At least four out of five millennial buyers prefer laundry rooms, hardwood front exteriors, patios and garage storage.  Conversely, they give a thumbs down to elevators, wine cellars and laminate countertops. These were among the findings from a new study by the NAHB Economics team that focused on millennial home buying preferences. The 2018 survey asked recent and prospective buyers… Read More ›

Job Openings Slow, Still Higher Year-over-Year

Data from the BLS Job Openings and Labor Turnover Survey (JOLTS) indicate that construction job openings declined in June, after a decline in May off a cycle high count for April. The estimated number of job openings in the construction sector fell back to 347,000 in June after reaching a post-Great Recession high of 434,000 in April. The decline occurred with… Read More ›

Labor Shortages Still Hurting Affordability

Labor and subcontractor shortages remained widespread in July of 2019 and are continuing to impact the industry in a number of ways—including putting additional upward pressure on new home prices— according to results from special questions on the survey for the NAHB/Well Fargo Housing Market Index (HMI).  In July, the HMI survey asked builders specifically about shortages in 16 different occupations. … Read More ›

Federal Reserve Reduces Rates in July

Perhaps as the most telegraphed interest rate cut of recent decades, the Federal Reserve reduced the key, short-term federal funds rate by 25 basis points to a top rate of 2.25%. This policy change is good for housing and home building, which continue to face housing affordability headwinds in spite of favorable demographics. There were two dissents to the announcement,… Read More ›

Housing Share of GDP Continues to Decline

With the release of the estimate of second quarter 2019 GDP growth (2.1% growth rate), housing’s share of gross domestic product (GDP) continued a downward trend, more evidence of the the lack of housing supply caused and affected by ongoing housing affordability issues. Housing’s share of GDP fell to 14.6%. The home building and remodeling component – residential fixed investment… Read More ›

US Economic Growth Slows to 2.1% in Second Quarter

According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 2.1% in the second quarter of 2019, down from a 3.1% increase in the first quarter of 2019 and above NAHB’s forecast of 1.6%. It is the 21st consecutive quarter of growth. Today’s release also reflected… Read More ›

Housing Affordability Causes Ongoing Challenges in New Home Sales in June

Contracts for new, single-family home sales increased in June by 7.0% to a 646,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The increase came off a downwardly revised May estimate, which was decreased from an initial reading of 626,000 to a new estimate of 604,000. Year-over-year, the June estimate is 4.5% higher compared to… Read More ›