Nationally, nearly 140 million people in the United States routinely commuted to work, according to NAHB analysis of the 2023 American Community Survey data. Among these people, approximately 23.8 million
Residential improvement spending softened in 2023 due to elevated interest rates, high inflation, and sluggish home sales. According to the Bureau of Economic Analysis’ National Income and Product Accounts (NIPA),
The September jobs report indicates that the U.S. labor market remains strong. Job growth accelerated, and the unemployment rate fell to a three-month low of 4.1%. Meanwhile, job growth for
Today’s jobs report and the newly released preliminary estimate of the benchmark revision indicate that the U.S. labor market is slowing from its overheated state in 2021 and 2022 but
House price appreciation was recorded in all 50 states and the District of Columbia. Limited resale inventory and strong growth in demand continued to put upward pressure on house prices.
The labor market may not be as strong as previously estimated, according to the Bureau of Labor Statistics’ preliminary estimate of the upcoming annual benchmark revision to the establishment survey
Wood framing remains the most dominant construction method for completed single-family homes in the U.S., according to NAHB analysis of 2023 Census Bureau data. For 2023 completions, 93% of new
Residential building workers’ wage growth accelerated to 9.0% in June. This marks the fastest year-over-year (YOY) growth rate since December 2018. After a 0.3% increase in June 2023, the YOY
In July, job growth decelerated significantly, and the unemployment rate increased to a nearly three-year high of 4.3%. The July data indicates that the labor market is slowing, which signals
In the second quarter of 2024, the U.S. economy grew twice as fast as it did in the first quarter, supported by consumer spending and private inventory investment. Furthermore, the
New home sales fell to the lowest level since November 2023, as elevated mortgage rates continued to keep buyers on hold. Sales of newly built, single-family homes in June fell
New single-family starts have trended higher since 2012, reaching a post-pandemic peak of 1,133,145 units in 2021. During 2022 and 2023, elevated housing prices and persistently high mortgage rates have
Despite high interest rates, job growth accelerated in May, but the unemployment rate increased to 4.0%. Overall, the labor market remains strong, but there are signs of slowing, which signals
Despite higher mortgage rates, limited resale inventory and strong growth in demand continued to put upward pressure on house prices. House price appreciation was recorded in all 50 states and
Existing home sales fell for the second straight month in April, after a big monthly drop in March, according to the National Association of Realtors (NAR). Meanwhile, low resale inventory
Both overall and core inflation eased slightly in April amid higher costs for gasoline and shelter. On a year-over-year (YOY) basis, the shelter index rose by 5.5% in April, following
In March, residential building workers’ wages continued to grow but at a relatively slower pace. After an acceleration of a 6.2% increase in the previous month, the year-over-year (YOY) growth
Job growth slowed in April, and the unemployment rate increased to 3.9%, suggesting a cooling labor market after a strong start to the year. Additionally, wage growth continued to slow.