Author Archives

  • More Women Working in Construction in 2021

    The number of women employed in the construction industry increased to over 1.24 million in 2021, as the construction industry was quickly recovering  jobs lost earlier during the pandemic induced recession. Currently, women make up 11%  of the construction workforce, up from 9.3% in 2002. As the construction skilled labor shortage remains a key challenge for housing, adding new workers… Read More ›

  • Shift for Homes Built in Low-Density and Low-Cost Markets Since the Pandemic

    The most recent Home Building Geography Index (HBGI) shows that home building activities have shifted to low-density and low-cost markets since the beginning of the COVID-19 pandemic. The market share for single-family constructions in large metro core and inner suburbs has declined from 44.5% to 41.6% from the 4th quarter of 2019 (pre-COVID), to the 2nd quarter of 2022. Housing… Read More ›

  • Private Residential Spending Slides in July

    Private residential construction spending declined further in July, as rising mortgage rates and elevated construction costs put a damper on the market. It fell 1.5% in July, down for the second straight month, according to NAHB’s analysis of the Census Construction Spending data. Private residential construction spending was 14.1% higher year-over-year. The monthly declines are largely attributed to lower spending… Read More ›

  • Student Housing Investment Edges Down in the Second Quarter of 2022

    Private fixed investment in student dormitories declined 4.4% to a seasonally adjusted annual rate (SAAR) of $3.2 billion in the second quarter of 2021, according to the data released by Bureau of Economic Analysis.  Private fixed investment in dorms was 12.7% higher than a year ago, but 29% below the pre-pandemic level. Private fixed investment in student housing experienced a… Read More ›

  • Second Quarter of 2022 Homeownership Rate at 65.8%

    The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 65.8% in the second quarter of 2022, which is statistically unchanged from the last quarter reading (65.4%). The national rental vacancy rate slipped to 5.6%, while the homeowner vacancy rate stayed at 0.8%. Both rental and homeowner vacancy rates are hovering near historical lows, reflecting tight housing… Read More ›

  • Private Residential Spending Declines in June

    As mortgage rates reached 3-year high, private residential construction spending decreased 1.6% to a seasonally adjusted annual rate (SAAR) of $923.7 billion in June, according to NAHB’s analysis of the Census Construction Spending data. It was the first decline since May 2020. On a year-over-year basis, total private construction spending was 15.6% higher. The monthly declines are largely attributed to… Read More ›

  • Inflation Causes Real Disposable Income to Slip in June

    The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.6% in June, making its ninth monthly increase in the past 12 months. Gains in personal income are largely driven by increases in compensation of employees and proprietors’ income. Real disposable income, income remaining after adjusted for taxes and inflation, decreased 0.3% in… Read More ›

  • Home Building Construction Times Slow in 2021

    The 2021 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 8.2 months, which typically includes a little over a month from authorization to start and another 7.1 months to finish the construction.  Moreover, it took approximately 12 days more in 2021 than in 2020, as supply-side challenges persisted… Read More ›

  • Slightly Longer Time to Build Apartments in 2021

    The average length of time to complete construction of a multifamily building, after obtaining authorization, is 17.5 months, according to the 2021 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time in 2021 inched up from 2020, decelerating the upward trend since 2013.   The average time to build multifamily homes varies with the number of units in… Read More ›

  • Hispanics Comprise 61% of the Construction Workforce in Texas

    The earlier June post highlighted the rising number and share of Hispanics in the construction industry. Hispanics now account for almost a third of the construction workforce, according to the 2021 Current Population Survey. In this post, we focus on the regional and state-level differences in the racial and ethnic composition of the construction labor force. The share of Hispanics… Read More ›