In the past month, total mortgage activity, as measured by the Mortgage Bankers Association’s (MBA) Market Composite Index, underwent a series of weekly declines, but increased in the latest week by 8.5 percent. The latest week’s survey is for the week ending March 4. The…
The construction labor market remains tight, as the industry sees a rising number of job openings year-over-year. The count of open construction jobs increased for the month to 380,000 unfilled positions in January. The highest measure in the history of the data series (going back…
Per the latest results of NAHB’s Home Building Geography Index (HBGI), single-family home building showed higher growth rates across all regional submarkets in the fourth quarter of 2021, relative to the fourth quarter of 2020. Quarterly growth, however, trended downwards for all regions in the…
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…
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…
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…
