The average time needed to complete construction of a multifamily building after obtaining authorization edged down in 2024, according to the 2024 Survey of Construction (SOC) from the Census Bureau. On average, it took 19.6 months from permit to completion, about 0.3 months shorter than in 2023. While construction timelines remain lengthy, this modest decline…
Building a new single-family home took less time in 2024 compared to the previous two years. On average, it now takes 9.1 months from start to finish. That includes 1.4 months for authorization to start construction and another 7.6 months to finish construction. Data from the Census Bureau’s Survey of Construction shows that single-family construction…
In 2024, the number of women employed in the construction industry rose to around 1.34 million. Women now represent 11.2% of the construction workforce, the highest share in the past 20 years. This rise aligns with the growing presence of white-collar jobs in the industry. As the industry continues to face a persistent shortage of skilled…
Private residential construction spending inched up 0.1% in July, registering the first monthly gain after six consecutive declines. This modest increase was primarily driven by more spending on single-family construction and home improvements. Despite this increase, total spending was 5.3% lower than a year ago, as the housing sector continues to navigate the economic uncertainty…
American housing market is facing a persistent shortage. Home prices have reached historic highs and affordability has declined. Normally, in response to higher prices, housing supply would increase. However, new home construction has not kept pace with population growth and household formation, especially following the surge of demand in the wake of the pandemic. Recent…
Private fixed investment in student dormitories inched up 0.3% in the second quarter of 2025, reaching a seasonally adjusted annual rate (SAAR) of $3.9 billion. This gain followed a 1.1% decrease in the previous quarter, as elevated interest rates placed a damper on student housing construction. Moreover, private fixed investment in dorms was 2.1% higher…
Private residential construction spending fell by 0.7% in June, marking the sixth straight month of decreases. This decline was primarily driven by reduced spending on single-family construction. Compared to a year ago, total spending was down 6.2%, as the housing sector continues to navigate the economic uncertainty stemming from ongoing tariff concerns and elevated mortgage…
