Inflation Remains Sticky Despite Easing Housing Costs
Inflation picked up to 2.7% in November, while matching expectations, the last mile to the Fed’s 2% target proves to be the most challenging. Shelter costs continued to be the…
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States and Construction Trades Most Reliant on Immigrant Workers, 2023
As reported in a previous post, immigrants make up one in four workers in the construction industry. The share of immigrants is significantly higher (32.5%) among construction tradesmen. In some…
Employment Growth Rebounds in November
Employment rebounded sharply in November after strike- and hurricane-related disruptions in October. The unemployment rate rose one percentage point to 4.2% after holding at 4.1% for two months in a…
House Price Appreciation by State and Metro Area: Third Quarter 2024
House prices posted modest annual growth for the third quarter of 2024, as elevated mortgage rates kept many potential home buyers away from the housing market. Nonetheless, housing inventory has…
Private Residential Construction Spending Rises in October
Private residential construction spending increased by 1.5% in October, according to the latest U.S. Census Construction Spending data. Year-over-year, the October report showed a 6.4% increase. The monthly increase in…
Apartment Completions Rise Resulting in Slower Absorption Rates
The percentage of new apartment units that were absorbed within three months of completion rose from 50% to 55% in the second quarter of 2024, according to the Census Bureau’s…
Small Gain for Multifamily Built-for-Sale Construction
According to NAHB analysis of quarterly Census data, the count of multifamily, for-rent housing starts declined during the third quarter of 2024. For the quarter, 94,000 multifamily residences started construction….