Author Archives

  • Private Residential Construction Spending Rises in May

    NAHB analysis of Census Construction Spending data shows that private residential construction spending rose 2.2% in May, as spending on single-family homes increased 1.7%. However, total private residential construction spending is still 11.6% lower compared to a year ago. The total construction monthly increase is largely attributed to more spending on single-family construction, It is consistent with the solid gains… Read More ›

  • Supply-Chain Issues Lengthened Single-Family Build Times in 2022

    The 2022 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 9.6 months, including a little over a month from authorization to start and another 8.3 months to finish the construction.  This is almost one month and a half longer than the average completion time in 2021, reflecting supply-side… Read More ›

  • Age Distribution of the Construction Labor Force

    The latest labor force statistics from the 2021 American Community Survey show that the construction industry continues to struggle to attract younger workers. While workers under the age of 25 comprised 13.6% of the US labor force, their share in the construction industry reached only 10.0% in 2021. Meanwhile, the share of older construction workers ages 55+ increased from less… Read More ›

  • The Median Age of the Construction Workforce

    NAHB analysis of the most recent 2021 American Community Survey (ACS) data reveals that the median age of construction workers is 42, one year older than a typical worker in the national labor force.  Attracting skilled labor is still the primary long-term goal for construction, even though a slowing housing market has eased some pressure on current tight labor market… Read More ›

  • Private Residential Construction Spending Rises in April

    Private residential construction spending inched up 0.5% in April, as spending on multifamily homes increased 0.6%. Private residential construction spending increased for the first time since June 2022 amid elevated mortgage interest rates. However, it is still 9.2% lower compared to a year ago. The total construction monthly increase is largely attributed to more spending on multifamily construction, which rose… Read More ›

  • Homeownership Rate Unchanged at 66%

    The Census Bureau’s Housing Vacancy Survey (CPS/HVS) reported the U.S. homeownership rate at 66% in the first quarter of 2023, amid persistently tight housing supply. The homeownership rate remained statistically unchanged from the fourth quarter reading (65.9%). It is 0.6 percentage points higher than the rate in the first quarter of 2022. Compared to the peak of 69.2% in 2004,… Read More ›

  • Private Residential Construction Spending Dips in March

    Private residential construction spending inched down 0.2% in March, as spending on single-family construction decreased 0.8%. Spending on private residential construction declined for the tenth month in a row amid elevated mortgage interest rates. Consequently, this spending is 10% lower compared to a year ago. The monthly decline is largely attributed to lower spending on single-family construction, which has been… Read More ›

  • Personal Income Rises 0.3% in March

    The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in March. The pace of personal income growth slowed after reaching a 0.8% monthly gain in October. Gains in personal income are largely driven by increases in compensation, personal income receipts on assets, and rental income. Real disposable income, income remaining after… Read More ›

  • Affordability Pyramid Shows 64.8 Million Households Cannot Buy a $250,000 Home

    As described in a previous post, NAHB’s recently released its 2023 Priced-Out Estimates, show that 96.5 million households are not able to afford a median priced new home, and that an additional 140,436 households would be priced out if the price goes up by $1,000. This post focuses on the related U.S. housing affordability pyramid, showing how many households have… Read More ›

  • Private Residential Construction Spending Declines in February

    Private residential construction spending declined 0.6% in February, as spending on single-family construction decreased 1.8%. Spending declined for the ninth month in a row amid elevated mortgage interest rates. Consequently, private residential construction is 5.7% lower compared to a year ago. The monthly decline is largely attributed to lower spending on single-family construction, which has been declining since June 2022…. Read More ›