Job growth slowed in September as the Fed raises interest rates aggressively to fight inflation, but the overall labor market remains tight. The unemployment rate edged down to 3.5% as the number of persons in the labor force decreased by 57,000 in September. Total nonfarm payroll employment increased by 263,000 in September, following a gain…
Real gross domestic product (GDP) decreased in 40 states and the District of Columbia in the second quarter of 2022 while ten states saw modest GDP growth. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 1.8 percent increase in Texas to 4.8 percent decline in Wyoming. Nationwide,…
A majority of new homes that completed construction in 2021 included two-car garages (67%), according to NAHB analysis of 2021 Census Bureau Survey of Construction data. There is clear uniformity for parking options in new homes completed across the Census divisions: the 2-car garage was the most popular parking option for completed homes in all divisions….
NAHB analysis of the Survey of Construction (SOC) shows that 67% of all new single-family homes started in 2021 were built on slab foundations, followed by 21% of homes built with a full/partial basement and 11% of homes built with a crawl space. As home building shifts towards the southern divisions, the slab adoption rates…
The count of open, unfilled jobs for the overall economy fell 10% in August, declining from almost 11.2 million to 10.05 million. The decline for open jobs reflects the beginnings of a labor market retreat as the economy slows due to aggressive tightening of monetary policy by the Fed. While the economy continues to face…
Private residential construction spending declined 0.9% in August, as single-family construction spending slid amid surging mortgage rates. Private residential construction spending declined for the third consecutive month, standing at an annual pace of $921.9 billion, according to NAHB’s analysis of the Census Construction Spending data. However, this spending category was 12.5% higher year-over-year. The monthly…
