The Federal Reserve’s preferred inflation gauge accelerated in September after holding at 3.0% for three consecutive months, complicating the Fed’s path to its 2% target. Consumer spending continued to be pushed up by elevated energy prices rather than income growth, driving the personal saving rate...
The U.S. economy grew at a faster pace in the third quarter of 2026, supported by stronger consumer spending, robust business investment, and increased government spending. However, residential investment remained a weak spot, highlighting the continued challenges facing the housing sector amid elevated borrowing costs....
The latest homeownership rate reached 65.5% in the third quarter of 2026, according to the Census’s Housing Vacancy Survey (HVS). While this was a modest quarterly increase, the broader picture continues to reflect significant affordability challenges. With mortgage interest rates remaining elevated, and housing supply...
The Federal Reserve maintained the federal funds rate at a target range of 3.75% to 4% at the conclusion of its October policy meeting. Approved by a 10–2 vote, the decision followed September’s quarter-point increase. Federal Open Market Committee members Lisa Cook and Beth Hammack...
High mortgage rates and economic uncertainty continued to keep potential home buyers on the sidelines and constrain new home sales in September. New home sales declined from August and remained below year-ago levels, with year-to-date sales also lagging for 2025. Although builders have increasingly adjusted...
The U.S. Bureau of Labor Statistics (BLS) projects that the economy will add 5.9 million jobs from 2025 to 2035, with total employment increasing from 170.3 million to 176.2 million, a gain of 3.5%. This represents slower growth than the 10.9% recorded over the 2015-2025...
Nationwide, the share of non-conventional financing for new home sales accounted for 32.4% of the market, according to NAHB analysis of the 2025 Census Bureau Survey of Construction (SOC) data. This was 1.7 percentage points higher than the 2024 share of 30.7%. As in previous...
When asked if remodelers started a project involving an Accessory Dwelling Unit (ADU) over the past twelve months, 24% indicated that they were building an addition for use as an ADU and 23% indicated that they were converting an existing space to an ADU, according...
Nearly three-quarters of new single-family homes started in 2025 were built on slab foundations, according to NAHB analysis of the U.S. Census Bureau’s Survey of Construction (SOC). The share of homes built on slabs remained unchanged from the previous year at 73%, maintaining the wide...
The share of new homes with decks inched upward, from an all-time low of 17.4% in 2024 to 17.8% in 2025, according to NAHB tabulation of data from the HUD/Census Bureau Survey of Construction (SOC). Historically, the share of new homes with decks dropped significantly...
State-level employment data for September continued to show a mixed labor market, with job gains and losses split across the county. Although national nonfarm payroll employment increased modestly, year-over-year job growth varied considerably across states. Construction employment continued to expand nationally, but state-level trends remained...
Diversifying the construction labor force remains a key priority amid persistent skilled labor shortages. According to NAHB analysis of the 2024 American Community Survey, non-Hispanic White workers account for the majority of the construction industry at 55.8%. Hispanic workers now represent nearly one-third of the...
The total market share of non-site-built single-family homes (modular and panelized) was just 3% of single-family homes in 2025, according to NAHB analysis of completion data from the U.S. Census Bureau’s Survey of Construction (SOC). This matched the 3% market share recorded in both 2023...
Single-family housing starts declined in September as builders faced higher financing, building material costs, and ongoing labor shortages. Overall housing starts decreased 5.2% in September to a seasonally adjusted annual rate of 1.22 million units, according to a report from the U.S. Department of Housing...
Rising mortgage rates, energy and material costs, and worsening labor and lot conditions have pushed builder sentiment to a 14-year low. Builder confidence in the market for newly built single-family homes fell three points to 29 in October, according to the National Association of Home...
Single-family permitting activity continued to soften through the first eight months of 2026, while multifamily permitting remained stronger compared with the same period last year. Regional and state-level trends show continued variation in permitting activity, reflecting differences in housing demand, affordability conditions, and local market...
A rich, peer-reviewed academic literature finds that homeownership produces benefits that extend well beyond house-price appreciation. As detailed in a 2003 Journal of Urban Economics literature review, research across economics, political science, sociology, medical research, and related fields identifies homeownership as both a wealth-building mechanism...
The Producer Price Index for final demand was up 1.3% in September, after rising 0.5% in August. Compared to a year ago, final demand prices were up 6.3%. The price of goods used in new residential construction (including energy) was up 1.8% over the month...
