Over the first six months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 449,226. On a year-over-year (YoY) basis, this is 20.9% below the June 2022 level of 567,798. Year-to-date ending in June, single-family permits declined in all four regions. The Northeast posted the lowest decline of 11.0%, while the…
Rising mortgage rates and elevated construction costs put a damper on new home sales last month. The U.S. Department of Housing and Urban Development and the U.S. Census Bureau estimated sales of newly built, single-family homes in June at a 697,000 seasonally adjusted annual pace, which is a 2.5% decline over a downwardly revised reading…
Nonfarm payroll employment increased in 38 states and the District of Columbia in June compared to the previous month, while 12 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 209,000 in June, following a gain of 306,000 jobs in May. On a month-over-month basis, employment data…
Single-family production fell back after four straight monthly gains as elevated construction costs and rising mortgage rates led to a reduction in home building activity and affordability conditions worsened for home buyers. Overall housing in June decreased 8% to a seasonally adjusted annual rate of 1.43 million units, according to a report from the U.S….
Over the first five months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 357,143. On a year-over-year (YoY) basis, this is 24.7% below the May 2022 level of 473,997. Year-to-date ending in May, single-family permits declined in all four regions. The Northeast posted the lowest decline of 14.7%, while the…
Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2023. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 12.4 percent in North Dakota to 0.1 percent in Alabama and Rhode Island. Nationwide, growth in real…
Nonfarm payroll employment increased in 39 states and the District of Columbia in May compared to the previous month, while 11 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 339,000 in May, following a gain of 294,000 jobs in April. On a month-over-month basis, employment data…
