The population of North Carolina rebounded strongly from a brief period of negative growth the state experienced in 2020 due to the COVID-19 pandemic. North Carolina’s population grew at a rate of 1.3% between 2021 and 2022, the ninth fastest of any state. By count, North Carolinas population increased by 133,088, the 3rd largest nominal…
NAHB analysis of the Census Bureau’s quarterly state and local tax data shows that $174 billion in taxes were paid by property owners in the first quarter of 2023 (not seasonally adjusted).[1] In the four quarters ending Q1 2023, state and local governments collected $714 billion of property tax revenue. The year-over-year growth rate of…
The 2022 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 9.6 months, including a little over a month from authorization to start and another 8.3 months to finish the construction. This is almost one month and a half longer than the average completion…
NAHB analysis of county level permit data and demographic data indicates that single-family home building in the first quarter of 2023 is occurring mostly in counties where baby boomers make up a majority of the population. The Census Bureau provides county level population age estimates in 5 years intervals. For example: 0-4, 5-9, 10-14 through…
A lack of existing inventory coupled with solid consumer demand helped to boost new home sales in May to their highest level since February 2022. Sales of newly built, single-family homes in May increased 12.2% to a 763,000 seasonally adjusted annual rate, according to newly released data by the U.S. Department of Housing and Urban…
The failure of several banks in 2023 and the ensuing stress in U.S. financial markets have had an effect that some builders and developers are beginning to notice, according to two recent NAHB surveys. In one of the surveys, roughly three-in-five builders and developers reported that loans for land acquisition, land development and speculative single-family…
