Author Archives

  • 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 ›

  • Private Residential Spending Inches Up in May

    NAHB analysis of the Census Construction Spending data shows that private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $938.2 billion in May. It was 0.2% up over the upwardly revised April estimates of $935.9 billion. On a year-over-year basis, total private construction spending was 19% higher. These monthly gains are largely attributed to the growth… Read More ›

  • One in Three Workers in Construction Is Hispanic

    Hispanics are an important source of labor in the U.S. construction industry, where skilled labor shortage is a long-term issue. One in three workers in the US construction industry is Hispanic. The latest labor force statistics from the 2021 Current Population Survey show that Non-Hispanic Whites account for the majority of workers in the construction industry (59%).Hispanics make up close… Read More ›

  • The Aging Housing Stock

    The median age of owner-occupied homes is 39 years, according to the latest data from the 2019 American Community Survey. Compared to a median age of 31 years in 2005, the U.S. owner-occupied housing stock is aging gradually. The residential construction continues to fall behind in the number of new homes built especially after the Great Recession. This aging housing… Read More ›

  • April Gains for Private Residential Spending

    NAHB analysis of Census Construction Spending data shows that total private residential construction spending rose 0.9% in April after an increase of 0.7% in March 2022. Spending stood at a seasonally adjusted annual rate of $891.5 billion. Total private residential construction spending was 18.4% higher than a year ago. These monthly gains are attributed to the strong growth of spending… Read More ›

  • The Nation’s Stock of Second Homes

    According to NAHB estimates, the total count of second homes was 7.15 million in 2020, accounting for 5.11% of the total housing stock. This represents the most recent data available. As of 2020, the state with the largest stock of second homes was Florida (1.04 million), accounting for 10.8% of all second homes. South Dakota had the smallest stock, approximately… Read More ›