Over the first five months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 473,997. On a year-over-year (YoY) basis, this is a 2.0% decline over the May 2021 level of 483,878. Year-to-date ending in May, single-family permits declined in three out of the four regions. The South posted a moderate…
Since the relatively low point at the onset of the pandemic on April 17, 2020, lumber prices have been volatile, with record setting spikes interspersed with periods of substantial declines. On balance over the entire period, however, softwood lumber prices have increased enough to add $14,345 to the price of an average new single-family home,…
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the second quarter of 2022 posted a reading of 77, declining 10 points from the second quarter of 2021. This is the largest year-over-year decrease since the survey was redesigned in Q1 2020. The RMI is based on a survey that asks remodelers to rate various aspects…
Consumer prices reached a new 40-year high in June as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the fourth straight month for inflation above an 8% rate and was the largest year-over-year gain since November 1981. Both energy and shelter index recorded their largest annual gains…
Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows that the rising trend of single-story homes reversed in 2021. The share of single-story homes decreased in 2021 and the share of two or more stories homes started was greater than one story homes. This is in line with…
Average hourly earnings for residential building workers* continue to rise in May as the construction labor market remains tight, meanwhile the growth rate is trending down given tightening financial conditions and increased economic uncertainty. According to the Bureau of Labor Statistics (BLS) report, average hourly earnings (AHE) for residential building workers were $29.18 in May…
Despite interest rate hikes, job growth remained solid in June. Total nonfarm payroll employment increased by 372,000 and the unemployment rate remained at 3.6% in June. Construction industry employment (both residential and non-residential) totaled 7.7 million and has exceeded its February 2020 level. In June, residential construction lost 4,100 jobs, and non-residential construction added 16,500…
