Tag Archive for ‘remodeling’

Construction Job Openings Steady, Hiring Slowing

The count of construction job openings held steady in July, as hiring in the home building sector slowed. 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) remained constant at 137,000 for July. This is somewhat lower than the cycle high of 168,000 set during March…. Read More ›

Pending Sales Maintain the Ride Up

The Pending Home Sales Index increased in July for the sixth time in seven months. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), increased 0.5% in July from an upwardly revised June report, and is up 7.4% from the same month a year ago. Most of the… Read More ›

Existing Sales Grow – Except for First-Time Buyers

Existing home sales, as reported by the National Association of Realtors, increased for the third consecutive month in July, and remained at the highest level since February 2007; but the first-time buyer share fell for the second consecutive month to the lowest level since January. Total existing home sales increased by 2.0% in July to a seasonally adjusted rate of… Read More ›

Construction Job Openings Remain High as Hiring Slows

The count of construction job openings fell somewhat in June, albeit from an upwardly revised estimate for the month of May. Post-revision, the May count of unfilled construction positions was second only to the month of March. The number of unfilled jobs in construction remains high, even as hiring slowed for the residential construction sector in recent months. According to the… Read More ›

The Aging Housing Stock

The American housing stock continues to age, especially as residential construction continues its modest rebound after the Great Recession. According to the latest 2013 American Housing Survey (AHS), published by the Department of Housing and Urban Development, the median age of owner-occupied homes is 37 years old, compared to only 27 years old in 1993. This aging trend signals a… Read More ›

The Employment Situation in July – March to September

The Employment Situation report for July offered more evidence of steady progress in the labor market recovery, the accumulated improvement that may convince the Federal Reserve that it’s time to start raising interest rates. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 215 thousand in July. Revisions to May and June added 14 thousand additional jobs…. Read More ›

Federal Open Market Committee July Meeting – Afternoon Tea

At 2:00 pm today the Federal Reserve’s monetary policy setting committee, the Federal Open Market Committee (FOMC), concluded its July meeting and released the standard post-meeting statement. Let the reading of the tea leaves begin. Analysts’ expectations for the meeting were for no major changes and the FOMC delivered: marginal changes in the assessment of economic conditions (more later), no… Read More ›

Pending Sales – Another Bump in the Ride Up

The Pending Home Sales Index declined in June after reaching the highest level in over nine years in May. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased 1.8% in June, but is up 8.2% from the same month a year ago, and has increased year-over-year for… Read More ›

In Second Quarter, NAHB’s Index of Remodeler Confidence Rebounds

In the second quarter, NAHB’s Remodeling Market Index (RMI) rebounded two points to 59 (after having slipped slightly from 60 to 57 in the first quarter). An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower.  The RMI, which averages ratings of current remodeling with indicators of future activity, has been over… Read More ›