Tag Archive for ‘multifamily’

Inflation Trajectory?

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in March for the second consecutive month, compared to a 0.1% decline over the past 12 months. According to the latest release from the Bureau of Labor Statistics (BLS), the seasonally adjusted increase in March was the result of increases in the energy and shelter indexes offsetting a decrease… Read More ›

Modest Increase in Housing Production

Housing starts and permits rose modestly in March after a very disappointing February. Total housing starts increased 2% to an annual rate of 926,000 from an upwardly revised 908,000 in February. Single-family starts improved slightly better at a 4.4% increase to 618,000 from a virtually unchanged 592,000 in February. Multifamily starts did drop again to 308,000, the lowest annualized monthly… Read More ›

Construction Job Openings Grow

The number of open, unfilled construction sector positions increased noticeably in February. Overall, the construction labor market has been characterized by relatively higher levels of turnover over the last few months, with an increase in hiring and quits at the end of 2014 and an upward trend in job openings. According to the BLS Job Openings and Labor Turnover Survey (JOLTS) and NAHB analysis,… Read More ›

NAHB Updates Local Impact of Home Building Numbers

A recent Eye on Housing post reported on NAHB’s 800th customized local impact study. In addition to studies customized to a particular area, NAHB has traditionally produced a “typical local” report using national average inputs.  This report—showing the jobs, income and taxes generated by residential construction in a typical local area—is available free to everyone on NAHB’s web site. In April 2015, NAHB… Read More ›

Annual Gains for Residential Construction Spending Continue

NAHB analysis of Census construction spending data finds that over the last year, the pace of private single-family construction spending increased 9.7% and multifamily construction spending increased 31.5%. For the month of February, the seasonally adjusted annual rate of single-family construction spending was $203.9 billion, down 1.4% from January. The February rate of multifamily construction spending was $50.9 billion, 4.1% higher than January. The construction… Read More ›

Strong First Quarter for Consumer Confidence

The University of Michigan Index of Consumer Sentiment reached a ten-year peak of 95.5 in the first quarter of 2015. Although the Index of Consumer Sentiment Index decreased to 93.0 in March from 95.4 in February, it was up from 80.0 from March 2014. The harsh winter dampened the giddiness of falling gasoline prices from the start of the year…. Read More ›

Housing Share of GDP Holds Constant

With the release of the final estimates of fourth quarter GDP growth (2.2%), housing’s share of gross domestic product (GDP) was 15.25%, with home building and remodeling yielding 3.09 percentage points of that total. Housing-related activities contribute to GDP in two basic ways. The first is through residential fixed investment (RFI). RFI is effectively the measure of the home building and… Read More ›

Property Taxes Make Up 40% of State and Local Tax Revenues

According to NAHB tabulations of the Census Bureau’s quarterly data, property taxes constituted 39.7% of state and local tax receipts among major sources for 2014. Sales taxes had the second largest share at 27.8%, followed closely by individual income tax at 27.9%. At 4.6%, corporate income taxes held the smallest share of state and local tax receipts among major sources. Further gains are expected in… Read More ›

Will Prices Trigger Fed Impatience?

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in February, and was unchanged over the past 12 months. According to the latest release from the Bureau of Labor Statistics (BLS), the seasonally adjusted increase in February was broad-based, including energy. The energy index increased 1.0% after seven consecutive monthly declines. The gasoline index, a component of the… Read More ›

Veterans in the Construction Industry

Access to labor remains a persistent challenge for home builders and remodelers. Unfilled job openings in the construction sector has moved along an upward trend over the last two and half years. However, there is one group in particular that builders have turned to for workers: military veterans. According to 2013 Bureau of Labor Statistics Current Population Survey data and NAHB analysis, approximately 666,400… Read More ›