According to the latest Producer Price Index report, the prices of inputs to residential construction less energy (i.e., building materials) climbed 0.3% in March 2023 (not seasonally adjusted). Since declining the
The NAHB/Westlake Royal Remodeling Market Index (RMI) for the first quarter of 2023 posted a reading of 70, edging up 1 point from the fourth quarter of 2022. While remodelers
Per the Mortgage Bankers Association’s (MBA) survey through the week ending April 7th, total mortgage activity increased 5.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate
Consumer prices in March saw the smallest year-over-year gain since May 2021 with a ninth consecutive month of a deceleration. While the shelter index (housing inflation) experienced its smallest monthly
According to the Federal Reserve’s latest G.19 Consumer Credit report, total consumer credit outstanding totaled $4.78 trillion in February, a decrease of $12 billion over the month but $300 billion higher
Average hourly earnings for residential building workers* continue to rise in February 2023 but at a slower pace. Wage growth has retreated below or close to 3%, from the highest
Job growth slowed in March, along with higher interest rates and increased economic uncertainty. After a revised 326,000 job gain in February, total nonfarm payroll employment increased by 236,000 in
Earlier this year, we published a post highlighting a continuing high reliance of construction on immigrant workers post pandemic. Immigrants make one in four construction workers. The share is significantly
As described in a previous post, NAHB’s recently released its 2023 Priced-Out Estimates, show that 96.5 million households are not able to afford a median priced new home, and that
According to the latest 2021 ACS, close to 11 million people, including self-employed workers, worked in construction in 2021. NAHB Economics estimates that out of this total, 4.5 million people
The count of open, unfilled jobs for the overall economy declined again in February, falling to 9.9 million, after an 11.2 million reading in December, which was the highest level
Private residential construction spending declined 0.6% in February, as spending on single-family construction decreased 1.8%. Spending declined for the ninth month in a row amid elevated mortgage interest rates. Consequently,