Eye On Housing
Author Archives
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Time to Build a Single-Family Home in 2018
The 2018 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7.7 months, which in general includes almost a month from authorization to start and another 6.7 months to finish the construction. The time from authorization to completion varies across the nation and depends on the geographic location, metropolitan… Read More ›
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Apartment Construction Took Longer in 2018
The average length of time to complete construction of a multifamily building, after obtaining authorization, is 16.2 months, according to the 2018 Survey of Construction (SOC) from the Census Bureau. The authorization-to-completion time has been on an upward trend since 2013. The average time to build multifamily homes varies with the number of units in the building. In 2018,… Read More ›
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Age Distribution of the Construction Labor Force
The latest labor force statistics from the 2018 Current Population Survey show that the construction industry continues to struggle to attract younger workers. While workers under the age of 25 comprised 12.3% of the US labor force, their share in the construction industry reached only 9% in 2018. Meanwhile, the share of older construction workers ages 55+ increased from less… Read More ›
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Women in Construction: Employment Reaches Pre-Recession Levels
The number of women employed in the construction industry grew substantially in 2018 rising to 1.1 million, a total reached prior to the Great Recession. As the construction skilled labor shortage remains a key challenge, adding new workers is an important goal of the industry. Bringing additional women into the construction labor force could represent a potential opportunity for the… Read More ›
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Private Residential Construction Spending Declines in June
NAHB analysis of the most recent Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $507.2 billion in June. It was down 0.5% after being virtually flat in May and rising 0.9% in April. On a year-on-year basis, total private construction spending was down 8.1%. The monthly declines are… Read More ›
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Personal Income Rises in June
The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income rose 0.4% in June, an increase of the same margin for the fourth consecutive month. Gains in personal income are largely driven by increases in compensation of employees. Year over year, personal income increased by 3.3%. Real disposable income, income remaining after adjusting for… Read More ›
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Homeownership Rate Falls
According to the Census Bureau’s Housing Vacancy Survey (HVS), the nation’s homeownership rate in the second quarter of 2019 fell to 64.1%, the lowest since the third quarter of 2017. But it is statistically unchanged from the first quarter of 2019 (64.2%) and a year earlier (64.3%). Compared to the peak of 69.2% in 2004, the homeownership rate is 5… Read More ›
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Aging Construction Workforce
NAHB analysis of the most recent 2017 American Community Survey (ACS) data reveals that the median age of construction workers is 42, a year older than a typical worker in the national labor force. Aging construction workers and the ongoing labor shortage are two major headwinds for home builders and the overall construction industry. As home building sector continues its… Read More ›
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Spending on Residential Improvements Edges Down in March
The most recent data from Construction Spending showed that spending on residential improvements fell to a seasonally adjusted annual rate of $173 billion in March 2019, down by 3.1% over February estimate, and was 14.1% lower than a year ago. Residential Improvement Spending has experienced weakness after reaching the peak of $216.7 billion in April 2018. The recent downward trend… Read More ›
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Private Residential Construction Spending Declines in the First Quarter 2019
NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $500.9 billion in March, the lowest level since December 2016. It was the third consecutive monthly decrease after a rebound in December 2018. The total private residential construction spending was down by 1.8% in March after a… Read More ›