NAHB tabulation of data from the Survey of Construction (SOC) indicates shares of new single-family homes built with private wells and individual septic systems increased in 2022, compared with the
The U.S. economy had remarkable growth in the third quarter of 2023, fueled by consumer spending. The GDP price index rose 3.5% for the third quarter, up from a 1.7%
After more than a year of strong gains, average hourly earnings for residential building workers* increased at a relatively slower pace in the past few months. Wage growth has retreated
Job growth remained solid in September as the Fed fights against inflation. In fact, the recent jobs data has been stronger than most economists expected and is a reminder that
The recent employment data indicates that the labor market is cooling gradually due to rising interest rates. Total employment increased by 187,000 and the unemployment rate rose to 3.8% from
According to NAHB analysis of the Survey of Construction (SOC), new single-family starts decreased in 2022. Nationally, 1,018,495 new single-family units started construction in 2022, 10% fewer than the number
In June, national home prices continued to increase. Limited inventory and solid but weakened demand put upward pressure on home prices, despite rising mortgage rates. Locally, all 20 metro areas,
Wood framing remains the most dominant construction method for single-family homes in the U.S., according to NAHB analysis of 2022 Census Bureau data. For 2022 completions, 94% of new homes
The residential remodeling market has grown rapidly in the past few years, mainly fueled by changes in housing and lifestyle decisions during the pandemic period. According to National Income and
The past two months’ job gains indicate that the job market is cooling from its peak last year and is growing at a moderate pace. Total employment increased by 187,000
The U.S. economy grew at a solid pace in the second quarter of 2023, fueled by consumer and government spending. The second quarter data from the GDP report suggests that
Job gains slowed in June, but the labor market remained solid. Total payroll employment rose by 209,000 and the unemployment rate decreased to 3.6%. In June, wages grew at a
Average hourly earnings for residential building workers* rose at a slower pace in May, after more than a year of strong gains. Wage growth has retreated below or close to
Job growth accelerated in May. Total payroll employment rose by 339,000 and the unemployment rate rose to 3.7%. While labor demand remained strong, wage pressures eased from a year ago.
After seven consecutive months of decline, home prices climbed for a second straight month in March as low inventory levels persist. Locally, five metro areas, reported by S&P Dow Jones
Job gains continued in April, despite rising interest rates and a slowing economy. After a revised 165,000 job gain in March, total nonfarm payroll employment increased by 253,000 in April,
In the first quarter of 2023, economic growth slowed to an annual rate of 1.1%, amid rising interest rates and an ongoing banking crisis. This quarter’s growth was dragged down
Average hourly earnings for residential building workers* continue to rise in February 2023 but at a slower pace. Wage growth has retreated below or close to 3%, from the highest