Prices for inputs to new residential construction—excluding capital investment, labor, and imports—were up 0.6% in March according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. The increase in February was revised upward to 0.7%. The Producer Price Index measures prices that domestic producers receive for their…
Property tax revenue collected by state and local governments reached a new high in 2024 and continued to make up a bulk of tax revenue. Total tax revenue for state and local governments also reached a high after falling in 2023, driven by higher revenue across all sources. In 2024, tax revenue totaled $2.095 trillion,…
Higher interest rates and tight financial lending conditions have led to a decline in loans for new home construction. The total volume of acquisition, development, and construction (AD&C) loans outstanding from FDIC-insured institutions fell 1.02% to $490.7 billion, the third straight quarterly decline. The level of 1-4 residential construction loans, which include loans for the…
Sawmill and wood preservation firms reported lower capacity utilization rates coupled with level production and capacity throughout 2024. Despite no growth in production in 2024, utilization rates have trended downwards since 2017 as sawmills have expanded production capability. Even with more production capability, real output has not followed as output remains lower than 2018. Capacity…
The market value of household real estate assets fell from $48.5 trillion to $48.1 trillion in the fourth quarter of 2024, according to the most recent release of U.S. Federal Reserve Z.1 Financial Accounts. Household real estate assets value have fallen for two consecutive quarters after peaking at $48.7 trillion in the second quarter of…
Prices for inputs to new residential construction—excluding capital investment, labor, and imports—were up 0.5% in February according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. The increase in January was revised downward to 1.1%. The Producer Price Index measures prices that domestic producers receive for their…
The continued shortage of existing homes for sale has helped to keep new single-family construction growing across all regions, according to the latest National Association of Home Builders release of the Home Building Geography Index (HBGI). Despite persistent factors that continue to affect housing affordability, including a limited supply of buildable lots, rising construction costs,…
