Eye On Housing
Author Archives
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Robust Gains for August Single-Family Permits
Over the first eight months of 2020, total single-family permits issued year-to-date (YTD) nationwide reached 616,856. On a year-over-year (YoY) basis, this is an 6.9% increase over the August 2019 level of 576,798. Year-to-date ending in August, single-family permits across the four regions ranged from an increase of 9.8% in the South to a decline of 1.8% in the Northeast…. Read More ›
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Modular and Other Non-Site Built Housing In 2019
The total market share of non-site built single-family homes (modular and panelized) declined to 3% of single-family completions in 2019, according to Census Bureau Survey of Construction data and NAHB analysis. This share is expected to rise moderately in 2020 and in the years ahead, due to the ongoing labor shortage in the residential construction sector and the need to lift labor… Read More ›
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Sharp Decline in Real GDP in All States: 2Q20
Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia, in the second quarter of 2020 compared to the previous quarter, as a result of reflecting “stay-at-home” orders across the country due to COVID-19. The U.S. Bureau of Economic Analysis reported the real GDP growth rates, measured on a seasonally adjusted annual rate basis, ranged from… Read More ›
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Share of Non-Conventional Financing Increased in 2019
NAHB analysis of the 2019 Census Bureau Survey of Construction (SOC) data shows that, nationwide, the share of non-conventional financing for new home sales accounted for 35.0% of the market, while conventional financing dominated the market at 65.0%. In 2018, share of non-conventional financing was 28.6% of the market while conventional financing accounted for 71.4% of the market share. Non-conventional… Read More ›
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New Home Sales at Highest Pace Since September 2006
New single-family home sales surged in August, as housing demand was supported by low interest rates, a renewed consumer focus on the importance of housing, and rising demand in lower-density markets like suburbs and exurbs. Census and HUD estimated new home sales in August at a 1.01 million seasonally adjusted annual pace, an approximate 4.8% gain over revised July rate… Read More ›
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New York Led with Employment Gains in August
Nonfarm payroll employment increased in 49 states in August compared to the previous month. The largest increase came from New York, which added 153,300 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 1.4 million over the month of August, following an increase of 1.7 million jobs in July. Month-over-month (MoM),… Read More ›
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Strong Year-over-Year Gains for July Single-Family Permits
Over the first seven months of 2020, total single-family permits issued year-to-date (YTD) nationwide reached 525,623. On a year-over-year (YoY) basis, this is an 5.8% increase over the July 2019 level of 496,726. Year-to-date ending in July, single-family permits across the four regions ranged from an increase of 8.6% in the South to a decline of 1.7% in the Northeast…. Read More ›
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COVID-19 Pandemic Impact on Global Construction and Housing Sectors
Jack Rutherford served as an intern for the NAHB Economics Group during the summer of 2020. He authored the following post. COVID-19 Pandemic Impact on Global Construction and Housing Sectors The impact of COVID-19 on the home building industry is a key concern for most, if not all, countries. There are common vulnerabilities in the global home building industry that… Read More ›
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Unemployment Rates in the Top Single-Family Building Metros
Like much of the nation, the top single-family home building metros are facing elevated jobless rates. Reported below are the top 10 metro areas by number of single-family permits authorized over the first six months of 2020. Combined, these top building markets issued 30.6% of all single-family permits through June. Metropolitan Statistical Area Single-family Permits: June (Units #YTD, NSA) Houston-The… Read More ›
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New York Led with Employment Gains in July
Nonfarm payroll employment increased in 47 states and the District of Columbia, in July compared to the previous month. The largest increase came from New York, which added 176,600 jobs during this time. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 1.8 million over the month of July, following an increase of 4.8 million… Read More ›