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…
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…
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…
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…
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 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…
