The median age of construction labor force is 42, one year older than a typical worker in the national labor force, according to NAHB analysis of the most recent 2023
Diversifying the construction labor force remains a key priority amid persistent skilled labor shortages. According to the 2023 American Community Survey, non-Hispanic White workers still account for the majority of
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.
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
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
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
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
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%
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
Personal income increased by 0.3% in June, following a 0.4% dip in May, according to the latest data from the Bureau of Economic Analysis. The gains in personal income were
The latest homeownership rate declined to 65% in the second quarter of 2025, marking its lowest level since late 2019, according to the Census’s Housing Vacancy Survey (HVS). With mortgage
Private residential construction spending fell by 0.5% in May, marking the fifth straight month of decreases. This drop was primarily driven by reduced spending on single-family construction. Compared to a
Private residential construction spending fell by 0.9% in April, marking the third consecutive monthly decline. This decrease was primarily driven by reduced spending in single-family construction and home improvements. Compared
Private fixed investment in student dormitories increased by 2.3% in the first quarter of 2025, reaching a seasonally adjusted annual rate (SAAR) of $4.04 billion. This gain followed a 1.0%
Personal income increased by 0.5% in March, following a 0.7% rise in February and a 0.6% gain in January, according to the latest data from the Bureau of Economic Analysis.
Private residential construction spending declined by 0.4% in March, largely driven by a decrease in home improvement spending. This decline followed five consecutive months of growth. Despite the monthly drop,
The homeownership rate declined to 65.1% in the first quarter of 2025, the lowest level since the first quarter of 2020, according to the Census’s Housing Vacancy Survey (HVS). Amid
Around 48% of the U.S. housing stocks dates back to the 1980s and earlier. The median age of owner-occupied homes has climbed to 41 years in 2023, up from 31