New NAHB 2022 Priced-Out Estimates showed that 87.5 million households are not able to afford a median priced new home, and that additional 117,932 households would be priced out of the new home market if the price goes up by $1,000. This post presents how interest rates affect the number of households that would be…
Job growth accelerated in February with widespread gains across industries. Total nonfarm payroll employment increased by 678,000 in February, and the unemployment rate edged down to 3.8%. Construction industry employment (both residential and non-residential) totaled 7.6 million. Residential construction gained 31,000 jobs, while non-residential construction added 29,400 jobs for the month. Residential construction employment currently…
NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 1.3% in January after an increase of 2.2% in December 2021. Spending stood at a seasonally adjusted annual rate of $829.4 billion. Total private residential construction spending was 13.4% higher than a year ago. These monthly gains are attributed to…
Residential construction loan volume reached a post-Great Recession high during the fourth quarter of 2021, as home building activity posted gains for the year. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions increased 1% during the fourth quarter. The volume of loans increased by $977 million on a quarterly basis. This…
Per NAHB’s latest Home Building Geography Index (HBGI), through the second half of 2021, multifamily home building rebounded from quarterly declines that began at the outset of the pandemic. In the wake of the public health crisis, there was a pronounced return to higher density markets or geographies, particularly in apartment and other multifamily residential…
